Solana Generates Excitement as Cardano Flip Edges Closer

The crypto community is buzzing as Solana edges closer to overtaking Cardano in terms of its market cap.

People behind a window looking into Cardano about to flip, all excited.
Created by Kornelija Poderskytė from DailyCoin
  • Solana’s rising popularity is causing a stir in the crypto market.
  • The coin edges closer to flipping Cardano, a significant milestone.
  • The crypto community reacts to the development. 

The crypto spotlight is currently on Solana (SOL), a high-performance blockchain platform. As it edges closer to flipping Cardano (ADA), one of the top cryptocurrencies by market capitalization, the crypto community is buzzing with anticipation.

Solana’s Surge and the Potential Flip

Solana has been generating significant excitement in the crypto space. As of July 18, 2023, Solana’s market capitalization is $10,282,533,516, with each SOL token priced at $25.54. This represents a 16.28% increase over the past week, indicating a strong upward trend.

On the other hand, Cardano, known for its robust smart contract platform, has a market capitalization of $10,772,611,760, with each ADA token priced at $0.3079. Despite a 6.01% increase over the past week, Cardano’s growth has been slower than Solana’s.

Tokens by market cap on Coinmarketcap.
Source: Coinmarketcap

The gap between the two is narrowing, and Solana is edging closer to flipping Cardano, a significant milestone for the project. If Solana flips Cardano and retains its position, SOL will become the 7th biggest crypto token by total market cap.

Twitter Sentiment: The Hype for Solana and Cardano’s Marketing Woes

Thanks to this development, Twitter is abuzz with discussions about Solana and Cardano. The sentiment suggests a growing hype for Solana, with many users excited about its potential. On the other hand, some Cardano investors have acknowledged the possibility of Solana flipping Cardano.


In response, Cardano investors lament the lack of marketing for their project, especially compared to Solana. They argue that while Cardano has substantial technological potential, it lacks the aggressive marketing strategy that has propelled Solana into the limelight. 

On the Flipside

  • Since the FTX collapse in November, Solana has suffered a crash due to their close relationship with the exchange. Despite its recovery, Solana has still not reached the $33.20 it traded at in early November. 
  • Solana has had a range of interesting ecosystem developments. Neon EVM recently launched support for Ethereum Virtual Machine (EMV) apps on Solana. 

Why This Matters

The dynamics between Solana and Cardano offer valuable insights for crypto traders. The potential flip could signal a shift in the crypto landscape and demonstrate what it takes to get ahead. 

FAQs

Who owns Cardano?

Cardano is an open-source project that is not owned by a single entity. However, its founder, the Ethereum co-founder Charles Hoskinson and his company IOHK (Input Output Hong Kong) have the most influence on the project.

What companies use Cardano?

Cardano has partnered with several companies, including IBM Research, SIRIN LABS, COTI Network, and more. In addition, the governments of Ethiopia and Georgia also use Cardano in their services.

Why is Solana’s value so low?

Solana’s value is low compared to its peak at $260.06 on November 06, 2021, thanks to an overall crypto market decline. In addition, Solana suffered a negative impact from the FTX crash due to its significant exposure to the exchange

Who holds the most Solana?

The Solana Foundation oversees the development of the Solana ecosystem and holds around 1.1 million SOL coins. According to reports, FTX founder Sam Bankman-Fried is also a significant holder of Solana tokens.

Read more about the latest ecosystem developments for Solana:

Solana Ecosystem Expands: Helius Launches New Tool for Developers

Read more about Coinbase’s latest move to seek regulatory clarity for crypto:

Coinbase CEO Seeks Regulatory Clarity from House Democrats

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
David Marsanic

David Marsanic is a journalist for DailyCoin who covers the intersection of crypto, traditional finance, and government. He focuses on institutionalized crypto entities like major cryptocurrency exchanges and Solana, breaking down complex topics into easy-to-understand writing. David's prior experience as a business journalist at various crypto and traditional news sites has enabled him to maintain a critical approach to news while adhering to high journalistic integrity standards.