Solana Defeats Ethereum in 24-Hour NFT Trade Volume, Making History
Despite Ethereum’s dominance in terms of NFT trade volume data, the heavyweight blockchain recently finished second to its closest NFT blockchain competitor, Solana, for a period of 24 hours. This timeframe represents the first time that the smaller Solana market has surpassed Ethereum in terms of the 24-hour dollar volume generated from sales.
The modest victory of Solana, which, according to data from CryptoSlam, saw it generate nearly $24.3 million in total trade, compared to Ethereum’s $24 million, is largely attributable to the mint and subsequent secondary market sales of the Trippin’ Ape Tribe collection, which debuted on Tuesday on Magic Eden. The collection was alone responsible for almost $14.5 million of Solana’s total trading volume over the aforementioned time period, contributing to the blockchain’s 436 percent rise in overall NFT trade volume during the same period.
In addition to aiding Solana in achieving this unprecedented trading volume victory, the Trippin’ Ape Tribe collection is also the second Solana-based project to lead the overall NFT trade volume chart for a specific 24-hour period, following last month’s Okay Bears collection. This was, to say the least, a landslide, as the runner-up, Ethereum’s Bored Ape collection, grossed only $3.5 million.
The Trippin’ Ape Tribe project is a collection of 10,000 PFP-style apes, each marked with a variety of strange visual elements that match those of the Mutant Ape project, for those who are inquisitive about the collection behind the blockchain-table-turning (which we can assume will be temporary) (although some aptly come with a trippy background).