ALTCOIN, ALTCOIN NEWS, ALTCOIN REVIEW, SOLANA (LEFT), SOLANA, ANALYSIS
![]() |
ALTCOIN NEWS |
Traders are raising the price of the altcoin as Solana (SOL) teases the community with a mysterious "ignition" feature set to launch on August 31st. Solana prices soared on August 30 as traders speculated about the launch of an important but mysterious feature this week. The speculation arose largely because of Solana's "ignition" teaser video featuring a purple-flamed lighter.
Ignition may not be a SOL token burn
Solano price climbed to a new record high of $103.06 after an intraday rally of 9.35%. The upward move came days after Solana promoted "ignition" on her official media accounts. However, the team gave very few details about the vehicle. The Solana community speculates that it will be about burning SOL tokens.
As a public blockchain, Solana relies on SOL to assist with two main tasks: Stake and Transaction Fee, according to analysts. The protocol burns some of the transaction fees it collects to limit the supply of SOL to 500,000,000 SOL issuances. However, Solana is also creating new tokens based on a “no-inflation chart” where the SOL issue rate periodically decreases after starting at its highest value. Meanwhile, Solana claims that supply will eventually stabilize at "a predetermined long-term inflation rate."
Crypto traders say that if ignition is a token burning event, it does not deserve a special landing page on the official Solana website. They also attribute this primarily to previous SOL burns, which did not see exclusive teasers from the protocol's Solana team. Also, in the Ignition teaser, rather than the token burning episode, “The sky is the limit. What are you throwing?" It is said between August 31 and October 8, emphasizing that this could be an event mostly for decentralized application developers or Non-Fungible Tokens (NFT).
![]() |
Snapshot from Solana's official Reddit community page on Ignition. Source: Reddit |
According to analysts, traders are using Ignition as a catalyst to push the altcoin price higher. On Friday, when the announcement was made last week, the price of SOL rose 17.62%. The next day, the price climbed another 9.2%. However, the rally slowed down just before hitting $100 on Sunday, dropping over 1.5%. However, on the first day of the new week, when top cryptocurrencies including Bitcoin (BTC) and Ether (ETH) fell, Solana (SOL) continued to rise.
No comments:
Post a Comment