- Solana’s market cap has reached $100 billion.
- This development comes amid a steady rise in the broader cryptocurrency market.
- Other cryptocurrencies have recorded double-digit gains following Doland Trump’s US presidential election.
Solana (SOL), the world’s fourth-largest cryptocurrency asset, continued its upward trend over the weekend and officially joined the $100 billion market cap rankings.
Cryptocurrency markets have posted steady gains this weekend, with the market capitalization soaring 6.37% over the past 24 hours to hit a record high of $2.75 trillion at the time of writing. This situation occurred after Donald Trump won a decisive victory in the US presidential election on November 6, and the Federal Reserve cut interest rates by 0.25 percentage points (25 basis points) a day later.
Solana’s Meteor Rise
Solana’s market capitalization reached $101.09 billion on November 7 after surging more than 7.96% on the last day, according to CoinMarketCap data. The price of this cryptocurrency asset has risen 8.36% over the same period, trading at $214.06 at the time of writing.
The “Ethereum killer” has witnessed a sustained rise in recent months after being at the center of the memecoin craze, attracting users from all walks of life, including celebrities such as Davido, Iggy Azalea, Jason Derulo, Caitlyn Jenner and Andrew Tate. .
Solana-based meme coin platforms such as Pump.fun and Raydium have also benefited massively from the network’s recent growth. Pump.fun’s monthly revenue topped $30.5 million in October, with Raydium recording $30 billion in trading volume, according to DefiLlama data, highlighting Solana’s new wave of user engagement.
At the same time, Solana’s unique addresses have surged more than 42% since September, surpassing $100 million, an all-time high. This represents a big jump from the network’s 509,000 monthly active addresses at the start of the year.
Solana’s impressive performance comes amid a broader cryptocurrency market rally. While Bitcoin surpassed $80,000 for the first time in history, Ether surpassed $3,200 on November 11 as Dogecoin (DOGE), XRP, Cardano (ADA), and Shiba Inu (SHIB) recorded double-digit gains.
Read about the recent surge in Bitcoin price to $80,000.
After Trump’s election, Ethereum rose above $3,200 and Bitcoin hit $80,000.
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