Solanaโs Market Cap Tops $90 Billion as SOL Token Hits Highest Level Since December 2021
Solanaโs market capitalization has reached over $90 billion as the SOL token experiences a 10% gain, pushing its price to just below $205. This surge in value marks the highest level for SOL since December 2021. In addition, SOL has seen a remarkable 45% increase over the past week, following Bitcoinโs decline from its all-time high.
Flipping BNB: Solana Takes Fourth Spot in Market Cap Charts
As a result of this significant growth, SOL has surpassed BNB to claim the fourth spot in the market cap rankings. BNB, the native token of the Binance exchange, experienced a 1.5% drop and is currently valued at $571. At the time of writing, BNBโs market cap stands at $88 billion, ranking it fifth.
Memecoin Degens: Solana Driven by Meme Coin Craze
The surge in Solanaโs activity can be attributed primarily to the meme coin craze, as investors flocked to the Book of Meme (BOME) token. Within just two days, this meme coin skyrocketed by 31,000%, reaching a peak price of $0.026 on March 16 before experiencing a decline.
However, this surge in demand led to congestion on the Solana network, resulting in failed transactions.
Despite this issue, other metrics for Solana remain bullish. Its total value locked in decentralized finance (DeFi) has exceeded $4 billion, marking a 193% increase since the beginning of the year. It is worth noting that the price of SOL has had a significant influence on this figure.
Surging Altcoins: Avalanche, Shiba Inu, Toncoin, and Near Protocol
While Solanaโs gains are impressive, several other altcoins have experienced even greater growth.
Avalanche (AVAX) has surged by a remarkable 17.5% in the past 24 hours, reaching its highest price since May 2022. At the time of writing, AVAX is trading at $61.55 and briefly reached $62 during Monday morning trading in Asia. Analysts speculate that memecoins related to Avalanche may be driving this surge.
Shiba Inu has also performed well, with a 12.7% gain today.
Toncoin (TON) has seen a 16% increase, pushing its price above $4. Near Protocol (NEAR) is up by 12%, with a peak of $8.50 during early Asian trading.
Furthermore, Bitcoinโs dominance has decreased by approximately 3% this month as altcoins gain momentum. This shift has led to renewed calls for altseason.
Hot Take: Altcoin Surge Follows Bitcoin Correction
The recent surge in altcoin prices, ranging from 20% to 50%, can be considered a normal occurrence after a significant correction in the market. However, it is important to note that despite this knowledge, many investors tend to hesitate and miss out on such opportunities when faced with future corrections.
As Bitcoin retreats from its all-time high and altcoins begin to show signs of growth, it is crucial for investors to stay informed and seize potential opportunities in the crypto market.
Owen Patter is a distinguished crypto analyst, accomplished researcher, and skilled editor, leaving a notable imprint on the cryptocurrency landscape. As a proficient crypto analyst and researcher, Owen delves into the intricate realms of digital assets, offering insights that resonate with a diverse audience. His analytical acuity is harmoniously paired with adept editorial skills, allowing him to transform complex crypto information into easily comprehensible content.