Blog

In a compelling twist of occasions, Solana (SOL) has soared to grow to be the fifth high cryptocurrency by market capitalization, surpassing XRP on December 20. Over latest weeks, the bullish momentum in SOL’s worth has propelled it into the highlight, posing a problem to XRP’s place amidst uneven market circumstances.

Meanwhile, this surge is intricately linked to the rising reputation of the meme coin, BONK, flourishing on the Solana blockchain. So, let’s have a look into the elements behind Solana’s latest ascent and its worth efficiency.

Here’s Why Solana Poses Challenge On XRP

The meteoric rise of Solana within the crypto hierarchy finds its roots within the success of the meme coin, BONK. Over the previous weeks, the BONK price has skilled a exceptional surge, marking a considerable 80% enhance in its weekly worth.

Meanwhile, the catalyst for this surge lies within the meme coin’s recent listings on major exchanges, together with Binance and Coinbase. The help from these world platforms has catapulted BONK into mainstream recognition, contributing considerably to Solana’s market cap ascent.

In addition, Solana’s latest milestone of surpassing Ethereum’s 24-hour decentralized exchange (DEX) quantity marks a pivotal second in its journey. A earlier report by CoinGape Media revealed that Solana’s proof-of-stake (PoS) blockchain has outperformed Ethereum’s chain for the primary time since its launch in 2020.

This achievement is attributed to a number of elements, together with a surge in Solana Mobile purchases, substantial buying and selling volumes related to BONK, and a prevailing bullish sentiment inside the Solana ecosystem. As Solana continues to disrupt the crypto panorama, the trade eagerly watches its trajectory within the coming days.

Also Read: Here’s Why The Crypto Market Is Witnessing Volatile Trading, What’s Next For BTC?

Price Comparison

As the 12 months approaches its finish, the latest conflict between the highest two cryptos has gained notable traction from the crypto neighborhood. As of writing, the Solana price was up 3.23% over the past 24 hours and traded at $77.64, with its market cap hovering 3.2% to $33.21 billion.

Notably, the buying and selling quantity of SOL was additionally up 9.68% to $2.24 billion on the similar time. Meanwhile, the SOL crypto has added practically 28% over the past 30 days, together with a weekly surge of 17%.

On the opposite hand, the XRP price famous slight features of 0.31% from yesterday to commerce at $0.6129, and its market cap additionally rose by the identical proportion and stayed at $33.10 throughout writing. Meanwhile, the one-day buying and selling quantity of XRP fell 8.32% to $1.14 billion as of writing. On a month-to-month foundation, the XRP worth fell over 2% as of writing, whereas noting slight features of round 1% over the past seven days.

Notably, the Total Value Locked (TVL) on the Solana blockchain was $1.1 billion, a surge of 0.26% over the past 24 hours, as per DeFiLlama data. In phrases of DEX quantity data by DeFiLlama, Solana has surpassed Ethereum within the final 24 hours, gaining traction from market watchers.

Also Read: What’s Next For Injective (INJ ) Price After A 60% Weekly Surge?

✓ Share:

Rupam, a seasoned skilled with 3 years within the monetary market, has honed his expertise as a meticulous analysis analyst and insightful journalist. He finds pleasure in exploring the dynamic nuances of the monetary panorama. Currently working as a sub-editor and crypto journalist at Coingape, Rupam’s experience goes past standard boundaries. His contributions embody breaking tales, delving into AI-related developments, offering real-time crypto market updates, and presenting insightful financial information. Rupam’s journey is marked by a ardour for unraveling the intricacies of finance and delivering impactful tales that resonate with a various viewers.

The offered content material could embrace the private opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any accountability on your private monetary loss.