Solana Rockets Past BNB To Claim Coveted 4th Spot In Crypto Ranks

Name	Symbol	Market	Market Cap ($)	Algorithm
Binance Coin	BNBUSD	Crypto	107,078,437,686	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Binance Coin

BNBUSD

Crypto

107,078,437,686

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	10.83	1.62%	678.70	678.59	682.59

Price Change

Price Change %

Current Price

Bid Price

Offer

10.83

1.62%

678.70

678.59

682.59

High Price	Low Price	Open Price	Prev. Close	52 Week Range
679.39	666.64	667.86	667.86	291.40 - 983.97

High Price

Low Price

Open Price

Prev. Close

52 Week Range

679.39

666.64

667.86

291.40 - 983.97

Exchange	Last Trade	Size	Trade Price	Currency
BINA	11:37:34	0.038000	678.70	USD

Exchange

Last Trade

Size

Trade Price

Currency

BINA

11:37:34

0.038000

678.70

USD

Price x Volume	Volume	Base Symbol	Related Pairs
2,684,089.93	3,958.89	BNB	BNBEUR	BNBGBP	BNBBTC

Price x Volume

Volume

Base Symbol

Related Pairs

2,684,089.93

3,958.89

Solana Rockets Past BNB To Claim Coveted 4th Spot In Crypto Ranks

06/11/2024 10:00pm

NEWSBTC

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

Market Data

News

Trading Tools

Markets

Discover

Hot Features

Follow Feed

Options Flow

Monitor

BNBUSD Binance Coin