Solana Surges Past $100, Becomes 4th Largest Coin
Solana (SOL) has experienced a significant surge, surpassing $100 for the first time in 20 months. This upward trend has resulted in a 770% gain over the past year. According to CoinGecko, SOL is currently up 6% for the day, reaching a price of nearly $103. It recently surpassed XRP to become the fifth-largest cryptocurrency by market capitalization and then flipped Binance Coin (BNB) to secure the fourth position.
As of now, Solana boasts a market cap of $44 billion. In a notable milestone, decentralized exchanges (DEXs) on the Solana blockchain have witnessed higher weekly transaction volumes compared to those on Ethereum. This increase can be attributed to the popularity of meme coins like BONK and Dogwifhat (WIF) on Solana.
Gains and Volatility Among Solana-Based Tokens
While some Solana-based tokens have experienced recent declines, others have seen substantial gains. BONK reached an all-time high of $0.00003416 on December 15, although it has since dropped by approximately 45%. Nevertheless, it remains up by 347% over the past month.
WIF has surged by 294% this week alone, despite a decline of nearly 28% from its all-time high price on Friday. Additionally, Helium’s HNT token has gained 217% over the past 30 days, while the MOBILE token has seen a remarkable increase of 1,316% following the nationwide expansion of Helium Mobile service.
Solana’s Impressive Performance
Solana stands out as the top gainer among the top 10 cryptocurrencies by market cap in the past 24 hours. Its rise of 37% over the past days also sets it apart within the top 100 coins. Other notable performers this week include Optimism’s OP token (up 49%) and Near Protocol’s NEAR token (up 47%). In contrast, Bitcoin and Ethereum, the two largest cryptocurrencies, have only seen gains of approximately 3% in the past week.
Hot Take: Solana Surges to New Heights
Solana’s recent surge to surpass $100 demonstrates its growing prominence in the cryptocurrency market. With a remarkable gain of 770% over the past year, SOL has secured its position as the fourth-largest coin by market capitalization. The increasing transaction volumes on Solana’s decentralized exchanges indicate its growing popularity and adoption among crypto enthusiasts. Despite some fluctuations, Solana-based tokens like BONK and WIF have experienced significant gains, showcasing both their volatility and potential for profits. As Solana continues to outperform other major cryptocurrencies, it solidifies its position as a standout player in the crypto industry.
By
By
By
By
By