SOL becomes 4th in market cap, overtaking BNB

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Solana (SOL) token has surpassed BNB from the Binance cryptocurrency alternate by way of market capitalization.

SOL’s capitalization reached $41.724 billion, and BNB’s capitalization was $41.721, in accordance with CoinMarketCap. Nonetheless, Solana’s buying and selling volumes are greater than 3 times greater than BNB’s within the final 24 hours.

The value of SOL has elevated by 78% over the month and by 15% within the final 24 hours amid speedy development in market capitalization. On Dec. 20 the token overtook Ripple’s XRP in market capitalization and broke into the highest 5 of the rating. The expansion of Solana’s worth has prompted a rise in curiosity within the ecosystem and exercise on the blockchain.

SOL becomes 4th in market cap, overtaking BNB - 1
Supply: CoinMarketCap

The variety of Google searches for “Solana” additionally elevated by 250% from the start of October to the start of December.

Along with the community’s native token, other tokens issued on the Solana chain have additionally lately elevated in worth. Meme coin Bonk (BONK) rose in worth by greater than 10,000% and entered the checklist of probably the most vital crypto belongings.

Solana stands out with its hybrid consensus mechanism, combining Proof of Stake and Proof of Historical past, enabling extra environment friendly transaction processing than Bitcoin’s Proof of Work and Ethereum’s Proof of Stake. It additionally excels in transaction velocity and capability, dealing with round 65,000 transactions per second, and affords considerably decrease transaction charges in comparison with each Ethereum and Bitcoin.

It’s noteworthy that final 12 months, after the collapse of the FTX cryptocurrency alternate, which was one of many main traders of Solana, many predicted the top of the ecosystem. The exit of a key investor from the market and the dangers of a coin sale triggered the autumn of Solana.

With SOL free of stress from a strong associate, the undertaking’s destiny not appears unclear, a scenario some see as rising Solana’s funding attractiveness.

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