- Solana’s market cap has reached $100 billion.
- The development came amid a steady rally in the broader crypto market.
- Other cryptos have printed double-digit gains following Doland Trump’s U.S. presidential election.
Solana (SOL), the world’s fourth-largest crypto asset, has officially joined the $100 billion market cap ranks following a sustained rally over the weekend.
The crypto market posted steady gains this weekend, with the market cap surging 6.37% over the last 24 hours to peak at $2.75 trillion at the time of writing. The development came after Donald Trump decisively won the U.S. presidential elections on November 6 and the Federal Reserve’s move to cut interest rates by a quarter percentage point, or 25 basis points, a day later.
Solana’s Meteoric Rise
According to CoinMarketCap data, Solana’s market cap reached $101.09 billion on November 7 after surging over 7.96% in the last day. The crypto asset’s price had gained 8.36% within the same period to exchange hands at $214.06 at the time of writing.
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The “Ethereum Killer” has witnessed sustained gains in recent months after finding itself at the center of a memecoin frenzy that attracted users from all walks of life, including celebrities like Davido, Iggy Azalea, Jason Derulo, Caitlyn Jenner, and Andrew Tate.
Solana-based meme coin platforms, such as pump.fun and Raydium have also gained massively from the network’s recent growth. According to DefiLlama data, pump.fun’s monthly revenue topped $30.5 million in October as Raydium posted $30 billion in trading volume, underscoring Solana’s new wave of user engagement.
At the same time, Solana’s unique addresses have surged by over 42% since September to reach an all-time high of over $100 million. This represents a big jump from the network’s 509,000 monthly active addresses at the beginning of the year.
Solana’s impressive performance came amid a broader crypto market rally. While Bitcoin eclipsed $80,000 for the first time in history, Ether rose above $3,200 on November 11 as Dogecoin (DOGE), XRP, Cardano (ADA), and Shiba Inu (SHIB) printed double-digit gains.
Read about Bitcoin’s recent price surge to $80K:
Bitcoin Hits $80K as Ether Rises Above $3,200 After Trump’s Election Win
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