Solana’s growth is not limited to its price; its blockchain has shown significant expansion across various metrics. Contributing factors include a series of airdrops in Solana-based projects and the distribution of 30 million BONK tokens, a Solana meme coin, through the Solana Saga Phone promotion. This surge allowed Solana to overtake XRP in market cap rankings for the first time, with XRP experiencing a 1.82% decrease in a 7-day period.
The native token of Solana, SOL, recently reached a yearly high of $99, briefly surpassing BNB in terms of market cap. Despite a subsequent price correction, SOL’s 24-hour trading volume surged by over 33% to exceed $5.86 billion. In comparison, BNB has shown slower growth throughout the year, with only a 9% gain in the past 365 days and a current trading value of $269, reflecting a 22.7% decrease from its yearly high.
The question arises whether Solana can catch up to Ethereum, the second-largest blockchain network. While Ethereum remains dominant in DeFi, NFTs, and smart contracts, Solana is steadily gaining ground in the industry. Recent metrics indicate that Solana’s activity rivals Ethereum’s in terms of DEX volume, NFT volumes, active addresses, transaction count, and stablecoin transfers.
Solana’s current trading value is $91, reflecting a 17% increase in the past seven days. If the current growth rate persists, there is a possibility of Solana revisiting its all-time high of $259 in the first half of 2024. However, it’s important to note that Solana still has a considerable gap to close to match Ethereum’s network effects and market cap. Ethereum’s total market cap currently stands at $278.3 billion, significantly surpassing Solana’s $39.4 billion market cap.
