Solana-Based NFT Platform Defies Sideways Crypto Market, Surges by About 30% This Week Amid Increased Activity

16 June 2024

in NFT

Reading Time: 3 mins read

The native token for a Solana (SOL)-based non-fungible token (NFT) platform surged by nearly 30% this week, defying the wider crypto market doldrums.

Metaplex (MPLX), which aims to facilitate the creation, sale and management of NFTs, clocked price gains this week after it drew attention to its swelling on-chain activity.

The project notes on the social media platform X that 834,000 unique wallets directly signed transactions with its protocol in May, its highest month of all time.

Source: Metaplex/X

Metaplex also notes that last month, 3.1 million new wallets collected a digital asset created through the project.

Source: Metaplex/X

Metaplex has also registered a notable amount of development activity recently. On Wednesday, the crypto analytics platform Santiment ranked the project third among all NFT-related protocols in terms of its number of notable GitHub events in the past 30 days.

Metaplex clocked 23.07 GitHub events, behind the layer-1 permissionless blockchain Flow (FLOW) and the Ethereum (ETH)-based virtual reality platform Decentraland (MANA).

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Source: Santiment/X

Santiment says it doesn’t count routine updates and utilizes a superior methodology to collect data for GitHub events based on a backtested process.

MPLX, Metaplex’s native token, is trading at $0.342, up from $0.264 one week ago. The 294th-ranked crypto asset did start to backtrack on Friday, dropping more than 5% in 24 hours.

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