Solana has surged by over 300% in the past month, unseating Dogecoin as the seventh most valuable cryptocurrency.
- Solana hit the $100 level for the first time this week and has continued to rise, bringing the digital token up 300% in the last 30 days. It has repeatedly hit record highs in the past months, up from $35 in August.
- Solana has breached a market capitalization of $40.336 billion, unseating Dogecoin with $39.210 billion. Bitcoin continued to be the most valuable token with $945.299 billion, followed by Ethereum with $465.483 billion and ADA with $95.928 billion.
- Doge grew at a slower pace of 46% in the past month and 7.5% up in the last week. The cryptocurrency has fallen 60% from its peak of $0.73 in May, with the digital token historically swinging harder than Bitcoin and Ethereum.
- Solana’s growth is attributed to the growth of activity involving decentralized finance and non-fungible tokens in the platform. DeFi protocols on the platform have hit $3.6 billion in value.
Solana has been dubbed as the “Ethereum Killer” but remains behind its rival, which has $126 billion worth of DeFi protocols.
SOL is up 19.82%, DOGE is down 2.76%, BTC is up 0.08%, ETH is up 3.96%, and ADA down 2.47%.