Solana Surges by 7% as Other Leading Cryptocurrencies Underperform, Market Cap Hits All-time High

TL;DR

• SOL is the best performer amongst the top 10 cryptocurrencies by market cap, up by 7%.

• Solana’s market cap has hit a new all-time high of $81 billion.

SOL Rallies Amid Memecoin Fever

SOL, the native coin of the Solana ecosystem, is up by more than 7% in the last 24 hours, outperforming the other major cryptocurrencies by market cap. Its rally comes as BTC, ETH, BNB, XRP and other major cryptocurrencies are trading in the red zone.

At press time, SOL is trading at $179 per coin. Thanks to this latest rally, Solana’s market cap has now reached a new all-time high. SOL’s market capitalization crossed $81 billion on Friday morning in Asia, surpassing its previous high of $77.4 billion in November 2021.

This latest development comes a few days after the Solana blockchain recently reached its all-time high for the daily number of new addresses on the network.

Market analysts attribute Solana’s recent growth to the memecoin fever on the blockchain. Solana-based memecoins have been performing excellently in recent days, with ogwifhat adding 20% to its value while Popcat and Bonk surged by 35% and 10% respectively.

Solana-based Bonk and Dogwifhat are the first non-Ethereum meme tokens that hit billion-dollar market capitalization. Thus, indicating that Solana is fast becoming the preferred blockchain for memecoins. 

Memecoins are gaining traction on the Solana network thanks to their ease of accessibility and the low transaction fees compared to the Ethereum blockchain.

SOL’s rally comes as Bitcoin lost 7% of its value in the last 24 hours. BTC dipped from the $73k region on Thursday to now trade just above $68k per coin. This is the biggest loss Bitcoin has sustained in recent weeks.