Solana soars to fifth place in crypto market, surpassing XRP

Solana (SOL) has risen to fifth place in the cryptocurrency market capitalization in an unexpected turn of events. It currently surpasses XRP. SOL has sharply increased pricing over the past few months, and it is currently a fierce rival to XRP. 

In the meantime, this added thrust is being attributed to the increased acceptance of the meme coin, BONK, on the Solana blockchain. The BONK price is continuing to observe an upward trend, reaching an increase to the tune of 80% with regard to weekly pricing.

This historical occurrence is due to BONK being registered on top crypto exchanges such as Binance and Coinbase. These platforms propel BONK into the mainline space, helping Solana increase its market capitalization.

Furthermore, a significant event transpired when Solana surpassed Ethereum’s decentralized exchange (DEX). According to a statement by CoinGape Media, Solana’s Proof-of-Stake (PoS) blockchain has surpassed Ethereum’s chain since its launch in 2020. This relates to several factors, including a surge in Solana Mobile purchases and BONK-related exponential trading volumes. Furthermore, the current state of optimism within the Solana ecosystem is an additional factor.

With the 2023 ending, the fierce competition between BONK and DEX has attracted the crypto community’s attention. The Solana price rose 3.23% in the past twenty-four hours, and the trading was carried out at $77.64. The market capitalization increased by 2.3%, reaching $33.21 billion.

The focus is also on the trading volume of Solana, which went up by 9.68% to $2.24 billion. The SOL crypto has been instrumental in adding almost 28% over the past month, coming up with a weekly increase of 17%.

In turn, the XRP price has observed a small increase of 0.31%, and the reading was done at $0.6129. The market capitalization remained at $33.10. In the case of one-day trading, the volume of XRP dropped by 8.32% to $1.14 billion. Over a month, the XRP price dropped by 2%, but during the last week, it managed to increase by 1%.

In the case of the Solana blockchain, the Total Value Locked (TVL) stood at $1.1 billion, representing a 0.26% rise. According to DeFiLlama’s DEX volume data, Solana has surpassed Ethereum in a single day.