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y00ts is on Polygon Now, but What of Solana Going forward?

Solana’s NFT area suffered a significant setback lately when one of its most popular collections, y00ts, completed its shift to Polygon. The significance of this occurrence was reinforced by Solana Daily’s 5 April tweet, which stated that y00ts was the most traded NFT collection on Solana in the previous 30 days.

As a result, the question is, has y00ts’ move had a detrimental influence on Solana’s NFT space?  This was not the case, as evidence reveals. According to DappRadar, Monkey Kingdom has surpassed y00ts and others to become the most traded NFT collection, with its volume increasing by more than 100% in the last month. It was also worth noting that after relocating to Polygon, the number of new y00ts holders fell somewhat after peaking on March 31. 

Though the y00ts’ exodus appeared to be alarming for Solana at first, the truth was quite the reverse, with growth witnessed on several fronts. For example, Dune Analytics data shows a surge in Solanart and Magic Eden transactions, indicating increasing usage. Not only that, but sales have seen unprecedented increase, according to Cryptoslam. 

Solana’s NFT sales climbed by more than 7% in the past week, which is a positive sign for the network’s NFT ecosystem. Furthermore, Solana’s total number of NFT trade counts and trading volume in USD also increased last week, confirming Solana’s rise on the charts. 

While Solana’s NFT ecosystem continued to flourish, the network’s native coin did not.

SOL’s price has fallen somewhat in the previous seven days. In reality, CoinMarketCap discovered that it was down 2% at press time, priced at $20.63, with a market size of $7.9 billion. 

Though SOL’s performance has not been stellar, some on-chain measures indicate that things may be looking up for the currency. Solana’s Binance financing rate, for example, has risen in recent days, reflecting its interest in the futures market.

 Investor opinion with SOL increased significantly last week, as seen by its weighted sentiment. The token’s popularity has recently surged as its social volume has skyrocketed.

 

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