Solana is becoming increasingly popular among institutional investors. The altcoin even attracted more institutional money than Bitcoin, Ethereum and Cardano.
Solana is unprecedentedly popular among institutional investors
According to .’s most recent weekly report, CoinShares, Solana’s institutional investment products saw inflows of approximately $50 million last week. This while Bitcoin only recorded a small inflow of $0.2 million. Ethereum even had an outflow of nearly $6 million.
One of the main reasons behind Solana’s rising popularity among institutional investors is its price action. SOL has risen by almost 300% in the past 4 weeks. Solana hit a record high of USD 210 on September 9, but saw a correction in the following days. Currently, the price of 1 SOL token is around $166. The price is up 9% in the last 24 hours.
“During last week’s fall in the entire crypto market, Solana was seen to outperform almost all other major cryptocurrencies. The altcoin outperformed Bitcoin and other major altcoins by 30% on a weekly basis. This strong price trend was reflected in the institutional inflow. Solana is now the fourth largest crypto investment product,” CoinShares writes.