Solana Continues Surge
Solana (SOL) made a significant jump in the past 24 hours, coming close to becoming the world’s fourth-largest cryptocurrency by market capitalization, bypassing Binance’s BNB coin momentarily, with a surge to $97.07 and a $41.38 billion market cap.
Solana Closing In on Binance Coin
SOL’s steep upward trajectory (+70% in the past month) raises the possibility of it flipping BNB as Binance faces legal and regulatory issues, making SOL’s recent gains and market cap of $40.46 billion a cause for attention.
Solana’s November 2021 Peak
Despite its recent rise, SOL still trails far behind its November 2021 peak and BNB’s $108 billion market cap.
Solana’s Price Surge Drivers
Excitement over potential airdrops, an increase in total value locked within its ecosystem, a surge in trading volume and open interest, as well as meme coin mania, have all driven Solana’s remarkable price surge. Liquidation of short positions and the rise of meme coin Bonk have played a significant role in SOL’s price increase.
Recent News
A new cryptocurrency mining platform, Bitcoin Minetrix, is now available. Audited by Coinsult, it offers decentralized, secure cloud mining with opportunities for free Bitcoin earnings, staking rewards, and a native token on presale – BTCMTX.
Hot Take: Evaluating Solana’s Market Leap
With a momentary surge to become the world’s fourth-largest cryptocurrency by market cap, Solana’s recent rise has brought renewed attention to its potential to outperform Binance’s BNB. As SOL closes in on BNB, challenges and opportunities lie ahead, giving the crypto community much to anticipate in the coming months.
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