SOL may not seem like the most exciting cryptocurrency to invest in. It clocked in a measly $0.001 USD, and no one is exactly sure what the point of it is, or why it even exists. But hey, money doesn’t have to be exciting to make you a profit. All SOL has done is steadily grow into something that might be worth your investment as we head into 2018.
What is SOL?
SOL is a cryptocurrency even more obscure and unknown than Monero, Dash, or Zcash. While those three are battle-tested coins that are worth investing in, SOL is a bit of a different story. It was created on December 31st, 2014 as a joke by people from the World of Warcraft online gaming community. The idea behind it was to create the world’s first “bitcoin”. That means it was meant to be the worst investment possible… and it certainly lived up to its name. In just six months, the value of one coin dropped from $0.02 (USD) to $0.001. Even for a joke coin, that’s pretty bad.
But it’s not all bad news for SOL. It’s actually experiencing its third major rally in two years. When it comes to cryptocurrency, you should always bet on the underdog. Sure, SOL is a joke of a coin… but it could also be your ticket to making a profit in 2018. (Just not the joke.)
What is it used for?
The idea behind this coin was to create a cryptocurrency that would have no practical purpose whatsoever. No one needs Bitcoin, but there’s a whole bunch of people out there who do need SOL. That means it has the perfect use case for its creators’ vision: it’s a get-rich-quick scheme nobody needs. It’s what we in the investment industry call an “ideal market for arbitrage”. Essentially, when you decide to sell SOL in one place and buy it in another, you can instantly increase your profit. And that’s all based on the fact that it has no use whatsoever.
Where is SOL used?
As we said above, nobody needs SOL in their everyday life. That’s part of what makes it a good investment. No one’s going to spend a bunch of time mining this thing, and nobody really cares about it. But that doesn’t mean that its value can’t rise as we head into 2018. Some cryptocurrencies are used for practical purposes (like Bitcoin or Ethereum), but there are plenty of coins out there with no real use: SOL just happens to be one of them.
The coin was created by the World of Warcraft community in 2014 as a joke, but it has become quite popular on the WoW community forums.
SOL will continue to decline
The funny thing about a coin like this is that it can easily become interesting. Whenever there’s a major drop in value, you can always make the argument that there will be a “rebound rally”. That’s what happened with TRON, and it’s bound to happen with SOL as well. Remember that even though this stuff has no practical use whatsoever, investors (and speculators) love getting in on the ground floor of the next big thing. There are plenty of people who love the idea of making huge profits with “no work at all” (yet), and these are some of the best investments you could make in 2018.
Price Prediction: SOL will continue to decline
SOL was initially launched with a market cap of $1 billion USD. However, it has seen precipitous drops in value over the past four months. It is now ranked #735 on Coinmarketcap and is worth $0.00045 USD (at the time of this article). The 24 hour volume (for this coin) ranges from approximately $40,000 to over $100,000 USD. Interestingly, there are several exchanges on which you can purchase this coin, but it can only be traded for other cryptocurrencies. It cannot be purchased using US dollars or fiat currency.