Solana's Top NFT Project Mad Lads Sees Rapid Price Increase

According to Decrypt, Solana's top NFT project, Mad Lads, has experienced a significant price increase of over 100% in the last seven days. Mad Lads, a Solana profile picture (PFP) project launched earlier this year, has become the top collection on the network by floor price, which is the price of the cheapest listed NFT on a secondary marketplace. Data from SolanaFloor shows that the floor price of a Mad Lads NFT has jumped 122% over the past week to 100 SOL, or about $5,750 at present, making it the most valuable Solana collection by floor and market cap based on that floor price, which ultimately tops $57 million. This week, Mad Lads's price jumped even higher, above $6,000 worth of Solana. The Mad Lads floor briefly surpassed that of DeGods, once the reigning Solana project before it migrated to Ethereum earlier this year. However, DeGods is back on top at a current floor price of 3.15 ETH, or about $6,200 at present, according to NFT Price Floor. Armani Ferrante, co-founder and CEO of Mad Lads creator Coral, stated that Solana's NFT space needed a "new heartbeat" after DeGods left and believes Mad Lads has filled that void following its buzzy launch. Mad Lads has registered the third-most trading volume of any NFT project over the last week, with about $6.9 million worth of trades, as per data from CryptoSlam. Only the Bored Ape Yacht Club ($10.2 million) and CryptoPunks ($8 million), both Ethereum projects, have higher trading volume tallies this week. The rise in Mad Lads' price can be attributed to excitement over Solana's recent momentum surge and demand from buyers to be part of its top NFT collection. Coral also offered exclusive early access to its upcoming Backpack exchange, which received a license to operate in Dubai.