Solana Climbs to 5th Place, Surpasses XRP in Market Cap
In an unexpected turn of events, Solana (SOL) has risen to become the fifth-largest cryptocurrency by market capitalization, surpassing XRP on December 20. The recent surge in SOL’s price has brought it into the spotlight and poses a challenge to XRP’s position in the market.
The Role of BONK in Solana’s Rise
Solana’s rapid ascent can be attributed to the success of the meme coin, BONK. Over the past few weeks, BONK has experienced a significant surge in price, with an 80% increase in its weekly price. This surge is largely due to BONK being listed on major exchanges like Binance and Coinbase, gaining mainstream recognition and contributing to Solana’s market cap growth.
Solana Outperforms Ethereum in DEX Volume
Solana achieved a significant milestone by surpassing Ethereum’s 24-hour decentralized exchange (DEX) volume. This marks a pivotal moment for Solana’s blockchain, as it outperformed Ethereum for the first time since its launch in 2020. Factors such as increased Solana Mobile purchases, high trading volumes associated with BONK, and bullish sentiment within the Solana ecosystem have contributed to this achievement.
Price Comparison: SOL vs. XRP
As the year comes to a close, the battle between Solana and XRP has garnered attention from the crypto community. Currently, Solana is trading at $77.64 with a market cap of $33.21 billion, experiencing a 3.23% increase in the last 24 hours. The trading volume of SOL has also risen by 9.68% to $2.24 billion. Over the past 30 days, SOL has gained nearly 28% and 17% in the past week.
On the other hand, XRP is trading at $0.6129 with a market cap of $33.10 billion, noting slight gains of 0.31%. The one-day trading volume of XRP fell by 8.32% to $1.14 billion. Over the last month, XRP has seen a decrease of over 2% in price but a slight increase of around 1% in the past seven days.
Solana’s Growing Dominance
Solana’s dominance is further evident in its Total Value Locked (TVL) on the blockchain, which stands at $1.1 billion, increasing by 0.26% in the last 24 hours according to DeFiLlama data. Additionally, Solana has surpassed Ethereum in DEX volume in the past day, gaining traction and attention from market watchers.
Hot Take: Solana’s Rise Challenges XRP’s Position
Solana’s recent surge and rise to become the fifth-largest cryptocurrency by market capitalization have posed a significant challenge to XRP’s position. The success of meme coin BONK and Solana’s outperformance of Ethereum’s DEX volume have been key factors driving this ascent. As Solana continues to disrupt the crypto landscape, it will be interesting to see how its trajectory unfolds in the coming days.
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