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SOL up 20% in 2023 as Solana Prepares to Demolish SHIB in Market Cap Top

Tue, 01/03/2023 - 12:07
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Gamza Khanzadaev
Solana's (SOL) new year effort could blow Shiba Inu (SHIB) away
SOL up 20% in 2023 as Solana Prepares to Demolish SHIB in Market Cap Top
Cover image via www.freepik.com

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With the arrival of the new year of 2023, liquidity seems to have returned to the crypto market, as well as seemingly losing enthusiasm. The most "revived" crypto asset of the first days of the new year was Solana, SOL, which has risen 20% since the beginning of January. This looks particularly interesting against the backdrop that in 2022, SOL was breaking another bottom and becoming a single-digit price asset.

SOL to USD by CoinMarketCap

Now that the Solana token is showing strong momentum again, it is worth looking at the market capitalization ranking, where SOL still sits in 16th place, behind even the Shiba Inu token, SHIB.

Related
Solana (SOL) Supported by Top Analyst Despite Meltdown; Why?

Thanks to a successful start to the year and the towing of a rival to a place closer to the sun, the gap between SOL and SHIB has now narrowed to just $100 million. If the trend continues, a rapid reduction in distance and the return of the Solana token, if not into the top 10, then at least to the top 15, can be expected.

What is BONK and what does it have to do with Solana?

The possible reasons for the green candles on the SOL price chart were reported by U.Today earlier. The going opinion is that the hype around the BONK token, the new meme coin on Solana, was a major factor. The token is actively promoted on social media, with even the blockchain's official Twitter account reposting memes about it.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.

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