Solana (SOL) has surged past Binance Coin (BNB) to claim the position of the fourth-largest coin by market capitalization.
As per the latest market data, Solana's market capitalization now stands at $48.79 billion, edging out BNB's $41.40 billion.
This milestone comes amid a broader rally in the digital asset sector, with Solana's price reaching $114.54, marking a staggering 58.4% increase over the past week.
Outperforming Bitcoin and Ethereum
In another significant development, Solana has been outperforming major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) in trading volumes on Coinbase.
Notably, it is the first time three coins have traded more than BTC in a 24-hour period on this platform.
Additionally, Solana has experienced a surge in decentralized exchange (DEX) volumes, surpassing all other chains with a 3,078% higher volume than Ethereum. This indicates growing investor confidence in Solana's ecosystem and its potential to sustain high transaction volumes, a key metric in the crypto world.
SOL is still far from its ATH
The recent surge was ignited by the dog-themed meme coin, Bonk (BONK), which saw an astonishing jump in late November. This dramatic increase in value captured the attention of the crypto community and inspired the creation and trading of other similar meme coins.
It's not just about meme coins. Solana's total value locked is approaching $1.5 billion, which means that there is a healthy interest in the broader ecosystem.
Despite this surge, SOL remains 56.21% below its all-time high, illustrating the volatile nature of the crypto market.
Valeria Blokhina
Vladislav Sopov
Gamza Khanzadaev
