As DeFi and NFT use soars, Solana continues to rise through the ranks, dethroning the leading canine-themed coin.
- Solana managed to be the 7th largest crypto by market cap, taking Dogecoin’s spot.
- SOL has risen meteorically over the past weeks, staying 300% high in one month.
SOL is the native token by the Solana network. The crypto has climbed a spot higher, claiming the seventh rank by market cap (data from CoinGecko). With such ascent, SOL managed to flip the leading meme asset, Dogecoin.
Solana has registered impressive gains in recent times, surging more than 300% in the past 30 days. The altcoin repeatedly claimed new ATHs during the period, rising from $35 on 1 August to hover beyond $136 today, Tuesday. SOL appears not to slow down, gaining 23% since yesterday. Keep in mind that the token surpassed the $100 price level on Monday, a historic move.
Meanwhile, Dogecoin has witnessed mixed price actions over the past few sessions. CoinGecko data shows that DOGE is 46% higher in one month, but only 7.5% up in the past week. DOGE revived up quicker than some of its rivals when the overall crypto market began rebounding in July. However, the meme coin is historically volatile, swinging harder towards either direction. DOGE also surpasses Ethereum and Bitcoin as far as price volatility is concerned.
However, Dogecoin has witnessed massive surges on YTD. The token rose from $0.0055 on 1 January to its current value near $0.29. That translates to a 5,200% upswing. However, DOGE is still almost 60% away from its May peak price of $0.73. While publishing this, Solana has its total cap at $39.2 billion, while Dogecoin’s market cap is $38.7 billion.
Solana appears to be an ETH rival as far as smart contracts are concerned. Smart contracts are small codes that handle different instructions. Moreover, they power DApps, DeFi, and NFT collectibles. Though Ethereum has dominated the ‘smart’ contract space for a while, it suffers congestions that drive up gas fees. Also, ETH’s current mining model consumed high energy. Solana uses less energy and processes transactions quicker with fewer fees.
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