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 <p>In the realm of blockchain and digital currencies, <a rel="noopener noreferrer nofollow" title="Solana" href="https://thebittimes.com/tag/solana.html">Solana</a> has emerged as a standout performer in the fourth quarter, akin to a phoenix rising from the ashes. A recent report underscores <a rel="noopener noreferrer nofollow" title="Solana" href="https://thebittimes.com/tag/solana.html">Solana</a>’s remarkable activity, surpassing Ethereum by almost 300% year-to-date (YTD). Despite $SOL witnessing a staggering 544.4% surge in the past month, its valuation stands nearly 9 times lower than Ethereum, with a circulating market cap of $31 billion compared to ETH’s $267 billion. This article delves into the factors behind <a rel="noopener noreferrer nofollow" title="Solana" href="https://thebittimes.com/tag/solana.html">Solana</a>’s resurgence, spotlighting its dynamic ecosystem, token airdrops, and heightened user engagement.</p>
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 <h4 class="wp-block-heading" id="h-token-airdrops-fuel-increased-demand">Token Airdrops Fuel Increased Demand</h4>
 <p>A pivotal factor behind <a rel="noopener noreferrer nofollow" title="Solana" href="https://thebittimes.com/tag/solana.html">Solana</a>’s recent popularity surge is the succession of token airdrops executed by protocols within its Layer 1 (L1) blockchain network. According to Messari, a provider of on-chain data, <a rel="noopener noreferrer nofollow" title="Solana" href="https://thebittimes.com/tag/solana.html">Solana</a>’s daily user activity has surged by an impressive 400%, overshadowing Ethereum’s modest 3% uptick in the same period. Notably, the <a rel="noopener noreferrer nofollow" title="Solana" href="https://thebittimes.com/tag/solana.html">Solana</a>-based oracle network Pyth completed a token airdrop on Nov. 20, distributing 250 million PYTH tokens valued at approximately $77 million to early users.</p>
 <p><strong>Also Read: Ethereum: Here’s How to Be a Millionaire When ETH Hits $3,000</strong></p>
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 <h4 class="wp-block-heading" id="h-robust-performance-and-industry-recognition">Robust Performance and Industry Recognition</h4>
 <p><a rel="noopener noreferrer nofollow" title="Solana" href="https://thebittimes.com/tag/solana.html">Solana</a>’s price surge of 224% from Oct. 11 to Dec. 18 has garnered attention from major figures in the <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> industry. Cathie Wood, CEO of ARK Invest, commended the network for its speed and cost-effectiveness relative to Ethereum, stating that it is “doing a really good job.” Despite <a rel="noopener noreferrer nofollow" title="Solana" href="https://thebittimes.com/tag/solana.html">Solana</a>’s impressive performance, its current valuation lags significantly behind that of Ethereum.</p>
 <h4 class="wp-block-heading" id="h-dex-volumes-and-google-search-uptick">DEX Volumes and Google Search Uptick</h4>
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 <p>Furthermore, the amalgamation of token airdrops and positive price trends has propelled <a rel="noopener noreferrer nofollow" title="Solana" href="https://thebittimes.com/tag/solana.html">Solana</a> to secure the position of the second-largest chain by decentralized exchange (DEX) volumes, closely challenging Ethereum for the top spot, as per Messari. Over the last month, <a rel="noopener noreferrer nofollow" title="Solana" href="https://thebittimes.com/tag/solana.html">Solana</a>’s DEXes have experienced a substantial 255% increase in total transaction volume, reaching $871 million as of December 18th, as reported by Artemis.</p>
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 <p>Moreover, Google search volume for the term “Solana” has surged by 250% from early October to early December. This heightened interest is reflected in the Google search volume index, escalating from 14 to 49 within two months. The increased search activity indicates a growing curiosity and awareness regarding Solana’s blockchain and its native token.</p>
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 <p><strong>Also Read: JP Morgan Says Ethereum Will Outperform Bitcoin in 2024</strong></p>
 <p>Solana’s outstanding performance in the fourth quarter, fueled by significant token airdrops, positive price trends, and heightened user engagement, has solidified its standing as a formidable player in the cryptocurrency landscape. While it has outpaced Ethereum in specific aspects, its valuation remains a fraction of ETH’s. As the cryptocurrency landscape evolves, Solana’s continued success elicits both admiration and anticipation, leaving enthusiasts and investors eager to witness its future developments.</p>
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<div class="cs-entry__tags">
 <ul>
  <li>crypto</li>
  <li>cryptocurrency</li>
  <li>ethereum</li>
  <li>Solana</li>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/solana-s-q4-rally-activity-hits-new-highs-outpaces-ethereum-tbt74348.html">https://thebittimes.com/solana-s-q4-rally-activity-hits-new-highs-outpaces-ethereum-tbt74348.html</a></p>

Solana's Q4 Rally: Activity Hits New Highs, Outpaces Ethereum

TheBitTimes

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