Solana’s rise has propelled it to surpass XRP and achieve a significant milestone by leading Ethereum in 24-hour decentralized exchange (DEX) volume.
In a surprising turn of events, Solana (SOL) has climbed to become the 5th largest cryptocurrency by market capitalization, surpassing XRP on December 20. SOL’s price has experienced a bullish trend in recent weeks, gaining attention and challenging XRP’s position in the midst of market fluctuations.
This upward movement is closely tied to the growing popularity of the meme coin, BONK, thriving on the Solana blockchain. Let’s explore the reasons behind Solana’s recent rise and its performance in simpler terms.
Solana’s Rise: Boosted by BONK and DEX Triumph
Solana’s recent ascent in the cryptocurrency rankings is intricately tied to the success of the meme coin, BONK. With an impressive 80% weekly price surge, BONK has become a significant player in the crypto market.
A key factor contributing to this surge is BONK’s recent listings on major exchanges such as Binance and Coinbase. The support from these global platforms has propelled BONK into the mainstream, significantly impacting Solana’s overall market capitalization.
Solana achieved a significant milestone by surpassing Ethereum in 24-hour decentralized exchange (DEX) volume, marking a pivotal moment for the proof-of-stake (PoS) blockchain. This achievement is notable as Solana’s blockchain has outperformed Ethereum’s chain for the first time since its launch in 2020. The surge in trading volumes, particularly associated with meme coin BONK, and a prevailing bullish sentiment within the Solana ecosystem have contributed to this noteworthy accomplishment. As Solana continues to make strides in the crypto space, its performance against established competitors like Ethereum is closely monitored by the community.
Several factors contribute to this achievement, including increased Solana Mobile purchases, substantial trading volumes associated with BONK, and an overall bullish sentiment within the Solana ecosystem. As Solana continues to disrupt the crypto landscape, industry observers keenly anticipate its trajectory in the coming days.
Source: CoinMarketCap
Solana vs. XRP: End-of-Year Crypto Clash
As the year nears its conclusion, the crypto community is closely watching the ongoing competition between the top two cryptocurrencies. At the time of writing, Solana (SOL) experienced a 3.23% increase in the last 24 hours, reaching a trading value of $77.64, and its market cap rose to $33.21 billion, marking a 3.2% surge.
Simultaneously, SOL’s trading volume increased by 9.68% to $2.24 billion, with a notable monthly gain of nearly 28% and a weekly surge of 17%. In contrast, XRP saw modest gains of 0.31%, trading at $0.6129, with a market cap of $33.10 billion, reflecting a similar percentage increase.
The one-day trading volume for XRP declined by 8.32% to $1.14 billion. Over the last month, XRP prices experienced a slight decrease of over 2%, while showing marginal gains of around 1% in the last seven days.
Solana’s Total Value Locked (TVL) on its blockchain reached $1.1 billion, marking a 0.26% increase in the last 24 hours, according to DeFiLlama data. Notably, Solana has surpassed Ethereum in DEX volume over the past 24 hours, drawing attention from market observers. As the crypto landscape evolves, the competition between Solana and XRP remains a focal point for the community.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
Join Cryptos Headlines Community
Follow Cryptos Headlines on Google News
Author
