SOL skyrockets by 600% yearly, securing its position as the 5th leading cryptocurrency.
Solana (SOL) has skyrocketed to become the fifth-largest cryptocurrency in the midst of the recent market-wide rally. In the past 24 hours, SOL has emerged as the top performer among the leading 100 cryptocurrencies, experiencing a remarkable surge of 14.4%. As of now, the asset is trading at an impressive 20-month high of $86.4.
This surge in SOL’s market cap has propelled it to reach $36.95 billion, surpassing Ripple’s XRP and securing its position as the fifth-largest digital currency. Additionally, SOL’s daily trading volume has seen a substantial increase of 120%, surpassing the $4.2 billion mark.
Since hitting rock bottom in December 2022, Solana has seen an astonishing surge of 618%. It is worth noting that during mid-December, SOL’s market cap had dropped to a mere $3.5 billion, making it the 16th-largest cryptocurrency, trailing behind Shiba Inu’s (SHIB) market cap of $4.4 billion and XRP’s total market value of approximately $17.5 billion.
Analysts speculate that one of the main drivers behind SOL’s price rally is the introduction of the first memecoin on the Solana network, BONK. Following BONK’s impressive gains, Solana-based meme coins have gained significant popularity, leading to the addition of more tokens to the layer-1 blockchain.
Another factor contributing to SOL’s surge could be the successful sale of the Solana Sage smartphones. Solana Mobile announced on December 15th that Saga phone owners would be eligible to claim an airdrop of 30 million BONK coins.
However, it is worth noting that popular tech YouTuber Marques Brownlee (MKBHD) has given the dubious distinction of the “worst smartphone of 2023” to Solana’s first-ever web3-focused phone.
According to a post by Santiment, Solana has become one of the most talked-about cryptocurrencies, along with Stacks (STX) and NEAR. The surge in these three tokens could be attributed to the increasing mainstream conversations surrounding them on social media platforms. Santiment advises investors to approach these assets cautiously, as the fear of missing out (FOMO) could potentially lead to price tops.
Read more: CoinMarketCap: 3 altcoins lead with over 20% gains. Follow Us on Google News.
