Solana Overthrows XRP, Adding $5B Market Cap in a Single Day

Winning streak continues: SOL rises over XRP with a $5B daylong market cap incursion.

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  • Solana has exploded by 621% since starting the year in single digits.
  • Solana’s DeFi system topped its main rival, Ethereum, on a weekly basis.
  • Highly-publicized XRP steps aside as SOL becomes the fourth-largest altcoin.

Solana’s impressive hot streak escalates with SOL token outshining other TOP 10 contenders by global market capitalization. Inking 54.5% gains in the last 30 days, Solana (SOL) added another 11% today to trade above $80 for the first time since the crypto boom in May 2021.

The gradual bull run had Solana closing slightly below $80 on Wednesday, but the bullish wave didn’t stop there. Solana proceeded with its upward trajectory by retesting the daily heights of $88. At press time, the #5 ranked altcoin SOL trades at $87.47, according to CoinGecko.

Monumental Run Puts Solana in Crypto’s Big Four

While Solana was originally nicknamed the “Ethereum Killer” when it first came out in 2020, there’s still a huge gap in the market cap. To illustrate, ETH has a market cap of $269 billion, while Solana’s is seven times less – currently at $36 billion.

However, Solana crossed a milestone today when it officially outpaced the high-profile altcoin XRP. Originally launched by one of the blockchain pioneering companies, Ripple, XRP is a trusted altcoin in the broader crypto space, usually scooping over $1 billion in daily trading volume.

At the time of this publication, XRP stands at $33.27 billion, with a daily growth of approximately $500 million. In comparison, SOL surpassed the mark with $36.96 billion, adding over $5 billion in market cap in the same time frame. These developments positioned SOL among the four largest altcoins.

Solana’s majestic rally was dramatically ignited by the buying spree of Solana’s SAGA Web3 phones in the United States. While the smartphone received mixed reviews from tech critics and consumers, the 30 million BONK airdrop included with the phone boosted its price ten times on eBay.

Adoption cases like this bridge the gap between traditional internet and legacy finance versus Web3 and blockchain technology. Combining it with the mass appeal of memecoin BONK, Solana is one of the most relevant names in today’s crypto sphere.

On the Flipside

  • Despite the parabolic 621% yearly growth, Solana is still down 66.7% from its all-time high set at $259.96 on November 6, 2021.

Why This Matters

Solana’s blockchain is up to speed with the latest scaling solutions and is deemed one of the fastest Layer-1s.

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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
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.