Solana cryptocurrency is named the most favorite altcoin by users

Since the beginning of 2023, Solana’s digital blockchain products have attracted $ 26 million in investment, outpacing all other altcoins, including ETH. According to CoinShares, this indicates that SOL is «the most favorite altcoin among investors.»

In the weekly Digital Asset Fund Flows report dated September 4, CoinShares Head of Research James Butterfill noted that cryptocurrency trading volumes for the week were 90% higher than the year-to-date average, while outflows fell to $ 11.2 million.

The phenomenon marks a seven-week series of negative sentiment — during this time, $ 342 million was withdrawn from the digital asset market. However, since the beginning of the year, the net inflow of investment products has remained positive and amounted to $ 165 million.

Nevertheless, the outflow of virtual coins did not affect Solana’s products, where weekly inflows amounted to $ 700,000 for the ninth consecutive week. Since the beginning of the year, $ 26 million has been invested in Anatoly Yakovenko’s blockchain.

Analysts have identified factors that have had a positive impact on Solana:

• on September 1, MakerDAO co-founder Rune Christensen submitted a proposal to build his own project chain based on a fork of the Solana codebase, despite its long-standing ties to Ethereum.
• on August 23, it became known that Shopify added Solana Pay to its payment options, starting with the USD Coin stablecoin.
• The Solana network has also undergone some improvements in performance and reliability, with only one failure recorded in 2023.

At the time of writing, the native blockchain token of the Ukrainian developer is trading at $ 19.28, which is 2.7% lower than yesterday. The total supply of coins on the market amounted to $ 7.88 billion, and traders made daily trading deals worth $ 215.57 million.

In total, SOL has fallen by 92.5% from its historical high recorded in November 2021. Back then, the token cost $ 260.