Big companies are piling into Solana (SOL), showing serious confidence in the cryptocurrency.
DeFi Dev Corp’s Big Solana Bet
DeFi Dev Corp, a public company, recently bought a whopping 110,466 SOL, worth roughly $18.4 million at the time of purchase. This brings their total SOL holdings to a massive 1.29 million SOL, valued at about $209 million! This follows another $20 million SOL purchase just a week prior. It’s clear they’re betting big on Solana’s future.
More Companies Join the Solana Train
The trend isn’t stopping with DeFi Dev Corp. Artelo Biosciences Inc., a pharmaceutical company, is also jumping on the Solana bandwagon. They raised $9.47 million to start their own SOL treasury, becoming the first publicly traded pharmaceutical firm to do so. They’ll be using CUBE, a crypto platform, for management.
Solana’s Dominance in Network Revenue
These big purchases aren’t happening by chance. Solana’s network is booming! It’s been leading all other Layer 1 and Layer 2 blockchains in revenue for 20 weeks straight. In one recent week, Solana raked in $16.6 million in revenue, beating out competitors like Tron and Ethereum.