What happened

In the past 24 hours, Solana (SOL 6.50%) tokens are up 10% to $76.92 apiece as of 10:30 a.m. EDT today. The Solana network, which powers decentralized blockchain apps on its infrastructure, has been gaining a lot of traction. Recently, Degenerate Ape Academy, a hub for non-fungible tokens (NFTs), launched on the Solanart platform. 

So what 

Within days of its launch, 1,691 owners have flocked to the Degenerate Ape platform, with 3,555 NFTs currently for sale. Buyers and sellers have already transacted NFTs worth 137,000 SOL -- equivalent to about $10 million in today's price. But that's not all the platform can do. 

Illustration of a global blockchain network from space.

Image source: Getty Images.

Solana Foundation, the company behind the token, is currently partnering with Chainlink (LINK 6.28%) Labs to develop crypto options trading solutions that utilize Solana's architecture and receive real-time price updates in as little as 0.4 seconds. In addition, the Solana Foundation has partnerships with Tether (USDT 0.03%) and Terraform Labs, the company behind Terra (LUNC 0.45%), to bring stablecoins onto its network for decentralized app developers to use. 

Now what 

Even though Solana is very innovative and has huge potential, do note that its fully diluted market cap has soared to $40 billion from the recent rally. Many of the Solana network projects are still in the early stages or starting to gain traction. So the valuation needs to catch up. Beware of buying into the hype at this time