© Reuters.
GLOBAL – (SOL) managed to enter the top 5 cryptocurrencies by market capitalization, surpassing $33.3 billion with a market capitalization of $34.8 billion. The digital currency saw a significant daily gain of 12.08% on Wednesday, well above the market average gain of 2.8%, and is currently trading at around $81.45.
Solana’s rise in the cryptocurrency rankings highlights its growing popularity and adoption among investors and users looking for alternatives to more established currencies. Factors like token denomination differences influence these market cap rankings, and Solana has seen a steady rise thanks to initiatives like GameShift and the outperformance of DEXs in terms of trading volumes.
With its high throughput and lower transaction costs, Solana has been increasingly favored in various blockchain applications, potentially setting the stage for further gains in the crypto market. Even events such as the collapse of FTX in November 2022, which impacted SOL prices, have not stopped its growth trajectory. Ownership transfers after FTX have also involved SOL tokens without derailing the increase in their value.
Additionally, the introduction of the BONK memecoin post-release boosted interest in Solana’s ecosystem, leading to positive results such as the complete sale of their Saga phone in US markets after poor initial sales earlier in the year. These developments point to a promising future for Solana, which continues to consolidate its position among the top five cryptocurrencies.
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