How Many Solana Coins Are There in 2022?
How many Solana coins are there, and is there a limit on the supply available? The Solana, or “SOL” coin, is one of the most popular cryptocurrencies on the market. Interest in the company has been growing at an incredible rate thanks to the rise of the NFT marketplace.
If you’ve ever wondered how many Solana coins there are in circulation or whether there’s a maximum Solana total supply, read on.
How Many Solana Coins Are in Circulation?
As of July 2022, there are approximately 345,896,304.32 Solana (SOL) coins in circulation. This Solana supply equates to a value of $12,67,76,097 in cryptocurrency. The 24-hour trading volume for Solana reached $1,216,780,757 on the 27th of July 2022, though the coin faced a slight drop in value over the month of July.
Exploring the Solana Supply Limit
Solana is an open-source project that uses Blockchain's permissionless nature to deliver decentralized finance solutions. Though work on the initial project for Solana started in 2017, the project was only officially launched in 2020.
Over the last two years, interest in Solana has increased due to its incredibly short processing times, and it’s ability to manage transactions without high fees and taxes.
The max supply of Solana coins is currently at 511,616,946.
Similar to cryptocurrencies like Bitcoin, Solana has a limit on how many coins can ever be available in circulation. However, the max supply of Solana available to investors is not fixed. Instead, the number of tokens in circulation changes according to inflation.
When the Solana network first launched, it had a total supply of 500,000,000 SOL. However, the foundation responsible for the coin burned around 11 million SOL. Since then, the SOL inflation schedule has brought the max supply back over the initial cap.
The current value of a Solana coin is $36.67.
The Solana coins in circulation are currently valued at a price of $36.67 per coin (as of July 2022). Though this may seem like quite a high price for an alt coin, it’s a significant drop from the coin’s all-time high of $260.06 per coin.
In a 24-hour period on the 27th of July 2022, the total dollar transaction value of all SOL purchases equaled $1.2 billion.
Solana is a proof-of-stake token and cannot be mined.
Solana owners are not miners like many other cryptocurrency investors. Similar to other tokens like ADA, SOL is a proof-of-stake coin, which means it cannot be mined. Instead, to earn value from a SOL investment, a Solana crypto owner needs to “stake” the token.
This means you place your coin in an online account, and a validator on the Solana network will pay rewards of around 8% of your coins to your account. The online accounts help to validate other transactions made in SOL.
Solana’s inflation rate is 8% annually.
The Solana inflation rate dictates how many coins are in circulation and the rewards investors can access by owning SOL tokens. There are different ways to earn rewards with SOL. A regular Solana owner will earn around 8% of their coins back each year by “staking” their investment, with a decrease of around 15% a year. This leads to a long-term fixed inflation rate of 1.5% per year.
Validators in the SOL ecosystem, who check the status of accounts and distribute rewards, also receive a 5% annual reward for their work.
Experts predict Solana will reach a value of $174.43 per coin in 2025.
Although it can be difficult to give an accurate Solana price prediction, experts performing technical analyses of the coin’s development have given their opinion. Many experts believe the minimum price of SOL in 2025 will be approximately $174.43 per coin.
However, some believe the value will be even higher than this, up to approximately $213.55. By 2030, the same experts predict SOL will reach a minimum value of $1,348.61.
Solana User Growth Over the Years
Although SOL has had some dips in popularity over the last two years, it remains to be a highly sought-after cryptocurrency investment. As buyers continue to search for more affordable ways to expand their cryptocurrency portfolio, Solana’s technology could continue to grab attention.