Solana’s native asset, SOL, has surpassed XRP in market capitalization, reclaiming its position as the fifth-largest cryptocurrency.
Having surged by over 700% since reaching its market low at the end of 2022, SOL is currently valued at over $36 billion. In the cryptocurrency rankings, XRP and SOL now follow only behind Binance Coin (BNB), Tether (USDT), Ether (ETH), and Bitcoin (BTC).
Solana in the last 24 hours
Solana has experienced a surge in on-chain activity in recent months witnessing a rally in token price that aligns with the overall momentum in the broader cryptocurrency ecosystem. Notably, Solana has even outperformed larger blockchains such as Ethereum in terms of decentralized exchange (DEX) trading volume.
Within the last 7 days, Solana’s decentralized exchange (DEX) volume surpassed $9 billion, outpacing Ethereum’s DEX volume, which stood at $8..836 billion, as indicated on DefiLlama.
Solana has been gaining attention, particularly through airdrops such as JITO, which rewarded certain users with substantial five-figure sums. Additionally, the blockchain witnessed a surge in meme-coin popularity, exemplified by tokens like BONK ($BONK), the latest dog-themed cryptocurrency that climbed to become the third-largest meme token, trailing behind Shiba Inu (SHIB) and Dogecoin (DOGE).
Solana has also garnered attention for its Saga mobile phone, which saw its market price soar to as high as $5,000 per unit. This marked a significant increase from its initial price of $600.
The device gained substantial value after users discovered free BONK tokens airdropped to owners. Moreover, there seems to be anticipation for additional airdrops in the widely expected 2024 bull market cycle. $SOL participants are reportedly eagerly awaiting the Jupiter airdrop, which is confirmed for January 2024.
Solana resurge is expected to continue with the anticipation of upcoming airdrops and token launches, including:
- Bonkwifhat (BIF)
- Ribbit (RBT)
- Jupiter (JUP)
- Meow Coin (MEOW)
- Phantom
- Kamino
- Drift
and many others.
