Solana claimed the fifth spot amongst crypto’s high 10 tokens by market cap following an airdrop frenzy, memecoin mania, and smartphone saga.
Layer 1 blockchain Solana (SOL) grew to become a high 5 cryptocurrency after flipping Ripple’s XRP token when it comes to market capitalization. On Dec. 20, the value of SOL gained over 8% and exceeded $80, a brand new excessive in 2023. Its market cap additionally stood above $34 billion for the primary time since April 2022.
Solely Binance’s BNB, Tether’s USDT, Ethereum, and Bitcoin boasted bigger market caps at press time.
Solana surges
Solana has loved elevated on-chain exercise in current months, rallying in token worth together with the broader crypto ecosystem and even outclassing bigger blockchains like Ethereum in decentralized alternate (DEX) buying and selling quantity.
In 24 hours, Solana DEX quantity crossed $1.26 billion in comparison with Ethereum’s $1.17 billion, in line with DefiLlama.
SOL’s blockchain garnered consideration resulting from airdrops like Jito, which rewarded some customers with five-figure sums and memecoin mania led by the likes of Bonk (BONK), a canine-themed crypto that rose to the third largest meme token behind Shiba Inu (SHIB) and Dogecoin (DOGE).
Solana can be making headlines because of its Saga cell phone, though one tech critic referred to as it “the worst smartphone of 2023”. Regardless of the scathing evaluation, Saga’s market worth soared as excessive as $5,000 per unit at a degree, a large enhance from its unique $600 price ticket.
The gadget commanded a hefty sum after customers found free BONK tokens airdropped to house owners, with extra airdrops seemingly lined up for the extensively anticipated 2024 bull market cycle. SOL contributors are reportedly wanting towards Jupiter’s airdrop, confirmed for January.