Large investor appetite for cryptocurrencies waned during 2022 as prices fell markedly. However, there is one altcoin that stands out from the rest.
What is the favorite altcoin among investors, according to a recent study
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Over the past seven weeks, investors have dumped their investments in digital assets in droves, though according to CoinShares, one altcoin in particular still has a following: Solana (SUN).
According to this same report, altcoins experienced capital outflows: the most notable Polygon (MATIC) and Ethereum (ETH), which registered $8.6 million and $3.2 million respectively.
However, over the past week, $700,000 has been invested in SOL through cryptocurrency investment providers, and so far this year it has recorded inflows totaling $26 million.
Data that suggests that it is the “most beloved altcoin among investors today”CoinShares noted.
Solana has been gaining attention recently thanks to the proposition of MakerDAO co-founder and CEO Rune Christensen, who suggested launching the project’s new chain called “NewChain” on a Solana-based platform.
Ranking as the 9th largest cryptocurrency by market capitalization, SOL is trading at $19.55 at press time with a modest daily gain and a loss of just over 3% over the past 7 days.
Source: Ambito
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