Solana ranked 5th among the top 10 cryptocurrency tokens by market capitalization, following the airdrop craze, memecoin mania, and smartphone saga.
Layer 1 blockchain Solana (SOL) has become a top five cryptocurrency by market capitalization after upsetting Ripple’s XRP token. On December 20, the price of SOL rose more than 8%, surpassing $80, a new 2023 high. The market capitalization also exceeded $34 billion for the first time since April 2022.
At press time, only Binance’s BNB, Tether’s USDT, Ethereum, and Bitcoin boasted larger market caps.
Solana surge
Solana has enjoyed increased on-chain activity in recent months, with its token price rebounding along with the wider cryptocurrency ecosystem and even surpassing large blockchains like Ethereum in decentralized exchange (DEX) trading volume.
In 24 hours, Solana DEX trading volume exceeded $1.26 billion compared to Ethereum’s $1.17 billion, according to DefiLlama.
SOL’s blockchain gained attention due to airdrops like Jito. Jito has rewarded some users with five-figure sums and rewarded memecoin enthusiasts like Bonk (BONK). Bonk (BONK) is a dog-themed cryptocurrency that has grown to become the third-largest meme token after Shiba Inu (SHIB). ) and Dogecoin (DOGE).
Solana is making headlines thanks to its Saga phone, which one tech critic called “the worst smartphone of 2023.” Despite the scathing reviews, Saga’s market price soared to $5,000 per unit at one point, a significant increase from its original price tag of $600.
The device has garnered huge sums after users discovered free BONK tokens being airdropped to their owners, and more airdrops appear to be scheduled in time for the widely expected 2024 bull market cycle. SOL participants are reportedly looking forward to the Jupiter airdrop, which was confirmed in January.