Solana Climbs to Top 5 Cryptocurrencies
Solana, a layer 1 blockchain, has surged in popularity and claimed the fifth spot among the top 10 cryptocurrencies by market cap. It surpassed Ripple’s XRP token in terms of market capitalization. On December 20, the price of SOL reached over $80, marking a new high for 2023. Additionally, its market cap exceeded $34 billion for the first time since April 2022. At present, only Binance’s BNB, Tether’s USDT, Ethereum, and Bitcoin have larger market caps.
Increased On-Chain Activity and DEX Trading Volume
Solana has experienced a rise in on-chain activity in recent months, leading to an increase in token price. It has even outperformed larger blockchains like Ethereum in decentralized exchange (DEX) trading volume. Within 24 hours, Solana DEX volume surpassed $1.26 billion, while Ethereum’s volume stood at $1.17 billion according to DefiLlama.
Airdrops and Memecoin Mania
Solana’s blockchain gained attention through airdrops such as Jito, which rewarded some users with substantial amounts of money. Additionally, memecoin mania contributed to its popularity with tokens like Bonk (BONK), a canine-themed crypto that became the third-largest meme token after Shiba Inu (SHIB) and Dogecoin (DOGE).
The Saga Smartphone Controversy
Solana also made headlines with its Saga mobile phone, although it received criticism from tech critics who called it “the worst smartphone of 2023.” Despite the negative review, the Saga phone’s market price skyrocketed to $5,000 per unit at one point, significantly higher than its original $600 price tag. This increase was due to users discovering free BONK tokens airdropped to owners. More airdrops are anticipated during the expected bull market cycle in 2024, with SOL participants eagerly awaiting Jupiter’s confirmed airdrop in January.
Hot Take: Solana’s Rise Reflects Growing Popularity and Potential
Solana’s ascent to the top five cryptocurrencies highlights its growing popularity and potential within the crypto market. With increased on-chain activity, impressive trading volume, and successful airdrops, Solana has attracted significant attention from investors and enthusiasts alike. Despite controversies surrounding its Saga smartphone, the token’s value continues to rise, demonstrating the confidence and excitement surrounding the project. As Solana prepares for future developments and airdrops, it remains a cryptocurrency to watch closely in the coming months.
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