Solana has emerged as one of the fastest-growing cryptocurrencies within the top 10 assets over the past few weeks, capturing widespread attention in the cryptocurrency realm. On December 22, 2023, Solana (SOL) witnessed a substantial bullish momentum, surpassing Binance (BNB) coins once again.
Market Capitalization of Solana outperform Binance Coin
The current market capitalization of Solana is nearly $41 billion, and that of Binance is nearly $40 billion. This notable surge in SOL’s price highlights its strength, with the network benefiting from significant activity and heightened interest in meme coins like BONK earlier.
Hosam Mahmoud, a research analyst at CCdata, attributed SOL’s rapid surge to the substantial on-chain activity on the Solana blockchain. Mahmoud also noted a significant increase in Solana’s Total Locked Value (TVL) over the past week, according to data from DeFiLlama.
As of now, Solana (SOL) is trading at approximately $98, experiencing a notable surge of around 16% in the last 24 hours.
This surge propelled its market capitalization above $41 billion, marking a more than 40% increase within a week. However, when we look at SOL over a longer period, it has experienced a significant surge of over 70% in just 30 trading days. No other top 10 cryptocurrencies have shown such performance in the last 30 days.
Furthermore, the trading volume on Solana’s Decentralized Exchange (DEX) surged by over 30% during the same period, likely influenced by the bullish impact of meme coins.
BONK token’s role in Solana’s bullish momentum
It’s worth noting that the current market capitalization of $41 billion comes just days after reaching $31 billion. Previously, Solana demonstrated its strength by not only becoming the fifth-largest cryptocurrency but also outperforming Ripple’s XRP, breaching the $31 billion market capitalization.
The robust bullish momentum in SOL can be attributed to the recent substantial price surge of the BONK token, which gained attention for its impressive performance. Within 30 days, BONK experienced a more than 500% upside movement, contributing to increased activity on the Solana blockchain.
