Solana Flipped DOGE to become the seventh biggest cryptocurrency amidst the growing DeFi and NFT use as we are reading more in our latest altcoin news today.
Solana is now the seventh biggest cryptocurrency by market cap and it flipped DOGE to take its spot. SOL multiplied in value in the past few weeks, increasing 300% over the past 30 days. SOL as the native cryptocurrency of the blockchain moved up another spot to claim seventh on the list of the valuable cryptocurrencies by total market cap according to the data from CoinGecko and by doing so, Solana flipped DOGE.
Solana has seen an incredible rise in value over the past few weeks, climbing over 300% over the past month. SOL set a new ATH multiple times in the time span, from $35 per coin to a price above $136. Now the coin is up 23% over the past day and has continued its propulsive rise as of late, passing the $100 mark for the first time on Monday. On the other hand, Dogecoin saw a mixed performance and according to CoinGecko, the price is up 46% over the past 30 days but only 7.5% over the past week. DOGE popped back faster than some of its rivals and rebounded in late July but it is historically volatile which means it tends to swing harder in either direction than other coins like Etheruem and bitcoin.
Doge’s price is still up massively since the start of the year as it increased from $0.0055 to a price above $0.29. This is a 5200% increase but Doge is still nearly 60% off its peak price of $0.73 that was set back in May. Solana’s market cap or the total amount of coins multiplied by the price is now at $39.2 billion compared to the $38.7 billion for DOGE. Solana is seen as a rising rival to ETH which is now the leading smart contract platform. Ethereum is the leader among smart contract platforms but its network is often congested with an activity that only drives up the gas fees for transactions amidst the current NFT market boom. Ethereum’s PoS mining model requires plenty of energy so it is now considering moving to a proof of stake system with the upcoming ethereum 2.0 network upgrade.
Solana was built as an energy-efficient blockchain and offers speedy transactions times and low fees. The token’s price rise in the past few weeks is attributed in part to the growing NFT and DeFi activity on the platform which only suggests wider developer and user adoption alike. The upstart blockchain and “ETH Killer” are behind the established rival in terms of network activity as the protocols on Solana have $3.6 billion in value locked.
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