Solana Rockets Past BNB To Claim Coveted 4th Spot In Crypto Ranks
November 06 2024 - 5:00PM
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Among the largest cryptocurrencies by market capitalization, Solana
(SOL) has surpassed Binance Coin (BNB) to secure the fourth
position. SOL has recently experienced a 14% increase, which has
enabled it to surpass BNB. Related Reading: Why One Analyst Says
Now’s The Time To Buy XRP—Before It Hits $14 This represents an
emerging market momentum of Solana. According to Coingecko, the
market capitalization of Solana has reached over $87 billion in
comparison to that of Binance Coin at almost the $84 billion mark.
Thus, this shows the emergence of Solana’s strong appeal to
investors. Solana’s most recent ascent has brought it into the
limelight, prompting crypto devotees and analysts to contemplate
whether this represents a new era for the network. Despite a nearly
4% increase in BNB during the same period, Solana’s rapid recovery
and robust community support have eclipsed its rival. Increasing
User Engagement and Activity Apart from market size, active
participation and complete information on-chain have raised
Solana’s price. The network just noted a historic first: 123
million active monthly addresses in October, up 40% from September.
According to the latest data, active addresses increased month by
month displaying participation and confidence in the promise Solana
presented. According to the real-time economic activity reports by
Blockworks Research, transaction fees and MEV tips recently peaked
at a new all-time-high figure of $11 million on October 24th. These
values have remained much above past ones, even though they have
fallen somewhat lately. Particularly from regular users and
small-scale transactions, the higher use and engagement show the
dynamic character of Solana’s ecosystem and its capacity to draw
each daily players. Memecoins Add To The Frenzy The memecoin mania
has taken off within its network, thereby amplifying trading volume
and attracting more users, which has contributed to Solana’s rally.
Pump.fun, a memecoin generator, and Raydium, a decentralized
exchange, have received substantial attention. Pump.fun generated
$30 million in revenue in October. On the other hand, Raydium’s
trading volume exceeded $30 billion. Memecoins have been a
significant factor in the recent growth of Solana, as a growing
number of users are flocking to these platforms to trade or
generate meme-based tokens. The emergence of these niche areas has
heightened the enthusiasm surrounding Solana, illustrating its
adaptability as a blockchain that accommodates both mainstream and
unconventional projects. Related Reading: Shiba Inu Set For
Takeoff? Analyst Predicts 10-Fold Surge To Yearly Peak DeFi
Expansion Boosts Solana’s Ecosystem The price and volume of token
transactions are not the only factors that contribute to Solana’s
growth. According to a research by Messari, the Solana
decentralized finance ecosystem is experiencing growth in terms of
value locked (TVL), reaching $5.8 billion in Q3 2024. This is a 25%
increase from the previous quarter, which propelled Solana to the
position of third largest network by TVL. Featured image from
Reddit, chart from TradingView
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