Back in 4th place. Solana’s SOL has overtaken Binance’s BNB in terms of capitalization over the past few days. This corresponds to a rapid rise over the week, in the face of a crypto market that has been rather sluggish over the same period.

 

Solana’s SOL surges in price to exceed BNB

The cryptocurrency market has cooled significantly since last week, after a boiling point that took Bitcoin (BTC) to new heights. The largest cryptocurrency had surpassed $73,700, taking altcoins with it.

But the market is now catching its breath. Over the last 7 days, the trend has been rather bearish… Except for some. Such is the case of Solana’s SOL, which is up 42% on the week:

 

 

In the last 24 hours alone, the SOL price has gained +11%. As a result, SOL’s capitalization now exceeds that of Binance’s BNB. This puts Solana’s crypto back in 4th place among the most highly capitalized cryptocurrencies, with $89.2 billion.

BNB, however, is not far behind, with $88.7 billion this morning. In 3rd place, Tether USDT is now worth $103 billion.

 

The Solana ecosystem continues to create a buzz

BNB and SOL are often at loggerheads in terms of capitalization. However, there’s no denying that Solana is one of the big winners of 2023. Its ecosystem has flourished, with a wave of new memecoins going viral. Its phones have also been snapped up, and a new version of the “Solana phones” is currently in preparation.

This week, it’s once again the breakthrough of certain memecoins that seems to have given the SOL a boost. Dogwifhat (WIF) in particular. It’s been in the news for the past few days with a community fundraising campaign, and its price has soared by 38% over the week.

Samoyedcoin (SAMO), meanwhile, gained 17% over the week. And if recent interest in BOOK OF MEME (BOME) is anything to go by, the trend seems to be taking hold. The Solana ecosystem is showing its dynamism at the moment.

 

Sources : TradingView, CoinGecko

David