Solana has surpassed Binance’s BnB to emerge as the fourth-largest cryptocurrency by market capitalization. Coinmarketcap data places Solana’s market at $50,639,875,491, surpassing BNB’s $49,827,434,384.
Solana’s surge is no doubt impressive, coming days after suffering a network downtime. Some analysts believe SOL’s recent momentum is thanks to several events within Solana.
Solana Surpasses BNB: A New Market Cap Leader
The first is the successful result of the on-chain approval of the Pyth DAO constitution. The proposal confirmed the Pyth DAO Constitution as the decision-making framework for Pyth DAO, a Solana-based project.
The second involves Solana Mobile’s Chapter 2 smartphone exceeding 100,000 orders. Solana’s Saga smartphone didn’t experience similar success, having waited over a year for 20,000 orders.
Solana announced that the preorder window to purchase its new smartphone for $450 will end on Feb. 14. In addition, it plans to deliver these phones to users in 2025.
GM⬅️
Solana’s second smartphone just hit 100,000 preorders.
That’s $45M in sales in just over a month! pic.twitter.com/VZc9j4aDg5
— Randy Jarosz (@RandyJarosz) February 13, 2024
What Else Drives SOL?
Other factors are driving Solana’s resurgence. The ongoing airdrops have generated a lot of buzz around the network and kept investor expectations high. In addition, there’s been an increase in transaction levels.
Overall, the recent numbers recorded on the network have sparked excitement within the Solana ecosystem, including the possibility of reaching its previous all-time high.
SOL has surged 19.99% in the past seven days. It currently trades at $118.21, 57% lower than its all-time high of $260.06. Solana’s price surge came shortly after the Crypto Fear and Greed Index struck its highest point since November 2021. Also, Bitcoin recently hit the $50,000 mark for the first time in two years.
✅ #Bitcoin hits $1 trillion market cap.
🚀Climbs above $51,000.
🐂 #Bullrun2024 pic.twitter.com/amDWbEXBB4— PrimeXBT (@PrimeXBT) February 14, 2024
Furthermore, Bitcoin recently hit $1 trillion in market cap, a positive indicator of widespread acceptance and recognition. Bitcoin’s market cap currently near that of global companies like Meta. This reflects Bitcoin’s status as a major player in the financial market.
While it’s been all good news for Bitcoin and SOL, Binance’s BNB has struggled for momentum. Binance’s regulatory setbacks seem to reflect badly on BNB’s performance and consistency.
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