Solana surpasses Ripple’s XRP in market capitalization, SOL increases by 9%
Solana has secured the fifth position among the top 10 cryptocurrencies by market capitalization through a combination of airdrops, memecoin frenzy, and the release of its Saga smartphone.
The Layer 1 blockchain Solana (SOL) surpassed Ripple’s XRP in terms of market cap, making it one of the top five cryptocurrencies. On December 20, SOL experienced a price increase of over 8%, reaching a new high for 2023 at over $80. Additionally, its market cap exceeded $34 billion for the first time since April 2022.
At the time of writing, only Binance’s BNB, Tether’s USDT, Ethereum, and Bitcoin have larger market capitalizations.
Solana’s rise in popularity can be attributed to its increased on-chain activity in recent months. The token’s price has surged alongside the broader crypto ecosystem, even surpassing larger blockchains like Ethereum in decentralized exchange (DEX) trading volume. In a span of 24 hours, Solana’s DEX volume surpassed $1.26 billion, whereas Ethereum’s volume stood at $1.17 billion, as reported by DefiLlama.
The Solana blockchain gained attention through a series of airdrops, such as Jito, which rewarded users with substantial sums. The platform also experienced the memecoin trend driven by tokens like Bonk (BONK), a canine-themed cryptocurrency that became the third-largest meme token after Shiba Inu (SHIB) and Dogecoin (DOGE).
Solana’s Saga mobile phone has also been making headlines, although it received criticism from one tech critic who labeled it “the worst smartphone of 2023”. Despite the negative review, the Saga smartphone’s market price soared to as high as $5,000 per unit, a significant increase from its original $600 price tag.
The device’s value skyrocketed after users discovered free BONK tokens airdropped to owners, with more airdrops potentially planned for the expected bull market cycle in 2024. SOL participants are eagerly anticipating the upcoming Jupiter airdrop, which is confirmed for January.
To stay updated on the latest news, follow us on Google News.
