Solana (SOL) price remains close to monthly lows even as there are increasing signs of usage and adoption of the Ethereum-alternative blockchain. Incr
easing institutional capital inflows or support from a top executive in the crypto industry could fuel a narrative for Solana to recover part of its recent losses.CoinShares, a European alternative asset management firm, published its weeklyon Monday on the state of institutional investments in crypto-based funds. According to the report, investment products noted a “cooling-off” period with relatively minor outflows totaling $11.2 million.
However, Solana-based funds saw inflows totaling $700,000 over the past seven days, posting a ninth consecutive week of gains Meanwhile, competitors such as Polygon and Ethereum registered $8.6 million and $3.2 million in outflows, respectively, over the same period of time. Solana’s year-to-date inflows total to $26 million. According to CoinShares, SOL is “the most loved altcoin” among investors at present.
Another recent development in the crypto ecosystem supports the thesis of SOL’s increasing popularity. MakerDAO CEO Rune Christensen recently said that Maker is keen on migrating to the Solana or Cosmos code base from Ethereum. This was followed by Ethereum creator Vitalik Buterin shedding nearly $600,000 worth of MKR holdings, sparking a controversy. For the complete story check thisThe total value of assets locked in a blockchain is a metric used to track investors’ trust and relevance of the asset. Based on data from crypto intelligence tracker DeFiLlama, the TVL of SOL climbed 6.7% from $286.
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