Key Takeaways
- US artist Jason Derulo reveals significant purchase of Solana
- Solana is currently in the midst of a massive bullish run
- Celebrities turning to NFT instead of cryptocurrencies
Jason Derulo revealed over the weekend that he had made a significant stake in Solana which has paid off.
The hip-hop star invested massively in altcoin in June and was riding his profits on the coin.
It should be noted that Solana is on a major bull run and has risen in value by more than 350% since the middle of June.
The smart contract token traded around $30 in June but experienced a major rally in August that culminated in an all-time high of $158, according to data from CoinMarketCap.
Solana entered into the top 10 rankings and dislodged Dogecoin to become the 7th most valuable cryptocurrency during this period.
Despite the allure of cryptocurrencies and the high return yield on popular digital assets, many celebrities are turning to NFTs.
NFTs are a digital asset that is non-fungible and cannot be replicated, making them valuable in digital art.
In recent months, the craze for NFTs has led to massive demand, with artists selling their collections for huge sums.
NBA legend Steph Curry joined the NFT craze by successfully winning the auction for a Bored Ape digital art, spending over $150,000 for the collection.
In addition, celebrities and brands have started to launch NFT collections.
Marvel comics recently revealed the launch of a limited NFT collection to commemorate the 80th anniversary of the Captain America superhero comic.
The company also revealed that it would be launching a digital comic based on the Amazing Spider Man series as an NFT.
What are your thoughts on the recent celebrity rush towards digital assets?
