u.today
"Ethereum killer" Solana is on track to join the prestigious "$100 billion club," according to Bitwise CEO Hunter Horsley.
The market capitalization of the fourth-largest cryptocurrency currently stands at $96.8 billion. The token is up by 1.3% over the past 24 hours.
Earlier this year, Solana found itself at the center of a meme coin frenzy. According to data provided by Dune Analytics, Pump.fun, a Solana-based meme coin factory, has logged $1.9 billion in volume over the past two weeks. Moreover, the popular token issuer has now surpassed 1.1 million in total SOL fees. More than 3.1 million tokens have now been issued on the hugely successful platform.
Despite its meme cred, Solana is also gaining stronger institutional acceptance in the U.S. As reported by U.Today, there are also several pending proposals to launch a Solana ETF in the U.S. The very first product was proposed by New York-based investment giant VanEck in late June.
The $100 billion club
Presently, Bitcoin, Ethereum and Tether (USDT) are the only cryptocurrencies that are valued at more than $100 billion.
As reported by U.Today, Bitcoin recently surpassed tech giant Meta by market cap following its recent price surge.
Solana (SOL) is now also likely to join this club in the near future. BNB, the fifth-biggest cryptocurrency, managed to surpass $100 billion all the way back in November 2021. It might achieve this feat once again alongside Solana if the rally continues.
XRP is yet another cryptocurrency that was once valued at $100 billion. It managed to reach that milestone back in January 2018. However, it is currently valued at $28.9 billion, meaning that it is highly unlikely that it will be able to rejoin the much-coveted club anytime soon.