coinedition.com
CoinMarketCap data shows that Solana (SOL) has climbed to the 14th position in ranking based on market capitalization. SOL now ranks higher than TRON (TRX) and Shiba Inu (SHIB). Both cryptos sit in the 15th and 16th position respectively on the platform.
At the time of writing, Solana’s market capitalization stands at $4.87 billion. That is almost $200 million more than the market capitalization of TRON, $4,68 billion. Shiba Inu’s market capitalization was $4.57 billion during the same period.
Solana has been on a significant uptrend since the beginning of 2023. It started the year with a market cap of $3.04 billion. In the past seven days, it added about $2 billion, reaching nearly $5.2 billion. A pullback in the past 48 hours has seen this value drop to $4.87 billion, marking its current position.
With a 45% rise, Solana is the cryptocurrency with the highest surge since the beginning of the new year. Its price also climbed from $9.93 on the first day of the year to $13.20 as of the time of writing.
This latest surge by Solana is partly linked to an addition to its blockchain. A new meme coin, Bonk, was recently launched on Solana, coinciding with the period that the surge began. The new addition, Solana’s first dog token is similar to the dogecoin and Shiba Inu cryptocurrencies. It is an addition expected to be part of the Solana network for a long time.
Solana’s rise is also considered a bounce-back from a recent drop. The cryptocurrency took a hit in the wake of the FTX collapse. Its association with Sam Bankman-Fried, an avid supporter, meant that Solana suffered collateral damage in the process. Later, the teams behind DeGods and Yoots announced their plans to leave the blockchain.
This development from Solana is generating interest in the crypto industry. Vitalik Buterin, commented this week that the future of Solana is bright. In a tweet, he expressed his hope for Solana to thrive. Buterin acknowledged that the opportunistic money people have been washed away with the latest drop.