- 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.
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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.
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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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