Solana Surges Past $110, Surpassing BNB as Fourth largest Crypto
Solana surpasses Binance Coin as the fourth-largest crypto by market value, with a 51.8% surge in just one week.
Solana (SOL) has recently become the fourth-largest cryptocurrency by market value, surpassing Binance Coin (BNB). According to data from Coinpaprika, the market value of Solana is now $48.79 billion, higher than BNB's $41.40 billion. Solana's price has jumped to $110, a 51.8% increase in just one week. This growth is part of a larger rise in digital currencies.
In an impressive feat, Solana is outdoing Bitcoin and Ethereum in trading volumes on Coinbase. This is the first time three different coins have had more trades than Bitcoin on Coinbase in 24 hours. Also, Solana is seeing a lot more activity on decentralized exchanges (DEX), with trading volumes 3,078% higher than Ethereum. This shows that investors are very interested in Solana.
The recent jump in Solana's value started with the meme coin Bonk (BONK), which saw a huge increase in value. This sparked interest in other similar meme coins. But it's not just meme coins driving Solana's success. The total value of the Solana ecosystem is nearly $1.5 billion, showing strong interest. However, despite this growth, SOL is still 56.21% below its highest-ever value, showing the unpredictable nature of the crypto market.
