KEY POINTS
- Solana has flipped BNB and Ripple's XRP in the list of top crypto assets by market capitalization
- It is now the fourth largest crypto asset in the world in terms of market cap
- SOL was trading in the green zone at $114.17 as of 8:51 a.m. ET on Monday
Solana, the native cryptocurrency of the blockchain firm linked to the fallen crypto empire FTX and the disgraced crypto mogul Sam Bankman-Fried, aside from its continued price rally, hit record-breaking metrics this month, in addition to flipping major crypto assets like Binance Coin (BNB) and Ripple's XRP.
When FTX declared bankruptcy in November 2022, many expected that Solana would not bounce back and would trade at a meager $10.
However, it rose from the ashes and was trading above the $100 threshold, specifically at $111.53, showing an 880% increase year-to-date.
But that's not all. The Solana network also saw a surge in activities, which recorded a whopping 50% to 15.6 million this month against the activities listed in November, and surpassed the 15.2 million recorded in January.
Moreover, the Solana network also saw an increase in new addresses, reaching a record-high number of 6.8 million this month, surpassing the previous 6.6 million addresses in May 2023.
Data from market data provider Kaiko revealed that Solana bounced back and thrived, noting that it "significantly outperformed" Ethereum, the world's second-largest crypto asset by market capitalization, as it moved from "a 0.01 price ratio to a 0.03 ratio."
The report attributed these impressive gains in the last couple of months to the success of the two airdrops by PYTH and JTO.
Kaiko: "Solana is back." pic.twitter.com/zB5Huswvk8
— techcentrik™ (@nicaIBTimes) December 25, 2023
"Following the collapse of FTX, some presumed that Solana, the chain backed by FTX and SBF, would die out. But instead of going away, Solana has thrived. It is most frequently compared to Ethereum, and relative to ETH it has significantly outperformed, moving from a 0.01 price ratio to a 0.03 ratio, with the majority of gains coming in the last couple of months. Solana has captured much of the market's attention, in part on the success of its airdrops, first PYTH and later JTO. Both tokens have performed relatively well since their launches and have inspired new waves of airdrop farming, helping to boost activity on the network," Kaiko said.
The latest data from CoinMarketCap showed that Solana has flipped BNB and Ripple's XRP in the list of top crypto assets by market capitalization.
Solana is now in the fourth spot, behind Tether (USDT), the world's largest stablecoin, Ethereum (ETH) and Bitcoin (BTC), the world's largest crypto asset by market cap.
SOL was trading in the green zone at $114.17 with a 24-hour trading volume down by 35.27% at $4,323,399,779 as of 8:51 a.m. ET on Monday.
Solana's latest price action represents 1.09% in the past 24 hours and 67.18% in the last seven days.
Data from CoinMarketCap shows that Solana's currently circulating supply stands at 427,472,467 SOL and its market cap is at $49,161,874,084.
