Solana Price Surges Above $200, Surpasses BNB in Market Cap
In Brief
Price of the Solana native token SOL surged above the $203 level, surpassing BNB by market capitalization.
Price of the Solana native token SOL surged above the $203 level, experiencing a rise of over 8% within 24 hours, even amidst market stabilization. This surge continues the momentum that began on Sunday, surpassing the $200 mark for the first time since December 2021. Following SOL’s increase to $200, its market capitalization has reached $87 billion, surpassing Binance Coin’s (BNB) $82.9 billion, rising to the fourth position among cryptocurrencies.
This remarkable increase in the price of 800% over the past year has contributed to Solana’s approach to its previous all-time high levels, demonstrating its growing appeal and potential within the cryptocurrency market.
Solana-based Memecoins Witness Surge in Popularity
During the weekend, there was a notable increase in activity on the Solana network, surpassing that of Ethereum (ETH), driven by heightened demand for Solana-based memecoins. This surge in demand put pressure on the network’s capacity. By the end of last week, Solana’s total trading volume exceeded Ethereum’s, reaching $3.52 billion, which was more than $1.1 billion higher than Ethereum’s daily volume, according to DefiLlama.
The recent price surge in Solana network activity can be attributed to increased interest in memecoins. The sector’s market capitalization surged by 11% to over $55 billion over the weekend, according to data from CoinGecko. Among the top-performing memecoins were (SHIB), which saw a rise of 10.8%, DogWifHat (WIF), with a 30% increase, and CorgiAI (CORGIAI), which experienced an 8.5% uptick.
Furthermore, last week, investors showed significant interest in a recently launched memecoin named Book of Meme (BOME). Within a mere 56 hours, the value of BOME surged from insignificance to a market capitalization of $1.45 billion.
Additionally, over the past month, Solana’s decentralized finance (DeFi) total value locked (TVL) has experienced a significant surge of more than 80%, according to data from DefiLlama. This notable growth has elevated Solana’s DeFi TVL to its highest point in the last two years, indicating increased activity and confidence within the Solana DeFi ecosystem. Currently, the network’s DeFi TVL is recorded at $3.8 billion. Among the top five DeFi networks in terms of TVL, Solana has witnessed the most significant growth over the past month.
The recent surge in Solana’s price and network activity highlights its growing prominence and influence in the cryptocurrency landscape.
Disclaimer
In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.About The Author
Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at alisa@mpost.io
More articles
Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at alisa@mpost.io
