Solana’s (SOL) breakthrough continues. The cryptocurrency has once again seen its capitalization rise: it now exceeds that of Binance’s BNB. What gives it wings?
Solana’s SOL takes 4th place in the cryptocurrency rankings
The fourth-largest cryptocurrency by capitalization. That’s the position Solana’s SOL now occupies, according to data collected by aggregator CoinMarketCap. It currently represents a capitalization of $47.2 billion, compared with $46.3 billion for Binance’s BNB:
The top 5 most capitalized cryptocurrencies of the moment
SOL is at $108 this morning. This represents an increase of 21% over the week, and 456% over the year. By comparison, the BNB is up 9% for the week.
It’s worth noting, however, that other data aggregators, including CoinGecko, have different figures: the latter estimates a capitalization of $50.5 billion for SOL, and $50.9 billion for BNB.
Solana’s renaissance
Still a net increase for Solana. It’s likely due in part to an event on Pyth Network, a blockchain oracle. The latter has in fact just validated its constitution through a vote, which included the decentralized autonomous organization (DAO) that governs the project.
It’s also worth noting the hype surrounding Solana in recent months. The blockchain has overtaken Ethereum in terms of volume traded on DEX, and its new phones have been snapped up during pre-orders. So it’s also a groundbreaking move for SOL.
Against this backdrop, BNB is in more difficulty. It reflects, of course, the turmoil experienced by Binance, which has seen the departure of its historic CEO and is facing several court cases. All these factors have combined to drive Solana’s SOL, which is increasingly establishing itself as an alternative to Ethereum.
