Shiba

Stacks

Solana

View

Solana (<a href="https://crypto.news/price/solana/">SOL</a>) has <a href="https://crypto.news/solana-flips-ripples-xrp-in-market-cap-sol-up-9/">become the fifth-largest cryptocurrency</a> following the recent market-wide rally.&nbsp; 
SOL emerged as the top gainer among the leading 100 cryptocurrencies in the past 24 hours with a 14.4% surge. The asset is trading at a 20-month-high of $86.4 at the time of writing. 
<figure class="wp-block-image size-full">
 <img loading="lazy" decoding="async" width="1135" height="598" src="https://crypto.news/app/uploads/2023/12/Screenshot-2023-12-21-120929.png" alt="SOL records a 600% annual rally, becomes 5th largest cryptocurrency - 20" class="wp-image-14230077">
 <figcaption class="wp-element-caption">
 SOL price – Dec. 21 | Source: Trading View
 </figcaption>
</figure> 
Solana’s market cap surged to $36.95 billion, flipping Ripple’s XRP to become the fifth-largest digital currency. SOL’s daily trading volume also recorded a 120% rally, surpassing the $4.2 billion mark.&nbsp; 
Since the market’s bottom in December 2022, Solana has recorded a 618% surge. Of particular note is that the SOL mark cap dropped to as low as $3.5 billion in mid-December, making it the 16th-largest crypto, then falling behind Shiba Inu’s (<a href="https://crypto.news/price/shiba-inu/">SHIB</a>) $4.4 billion market cap and XRP, which then had a total market value of roughly $17.5 billion. 
 You might also like: <a href="https://crypto.news/solana-flips-ripples-xrp-in-market-cap-sol-up-9/"> Solana flips Ripple’s XRP in market cap, SOL up 9% </a> 
One of the main drivers of the SOL price rally, analysts speculate, is the arrival of the first memecoin on the Solana network, <a href="https://crypto.news/price/bonk/">BONK</a>. Following BONK’s impressive gains, <a href="https://crypto.news/missed-bonk-here-are-other-mid-cap-tokens-on-solana/">Solana-based meme coins</a> gained traction and more tokens have been added to the layer-1 blockchain. 
Another key driver could be the massive sale of the Solana Sage smartphones. Solana Mobile officially <a href="https://crypto.news/saga-mobile-by-solana-sells-out-on-the-heels-of-bonk-token-surging-7-in-24-hour-trading/">announced</a> on Dec. 15 that Saga phone owners could claim an airdrop of 30 million BONK coins.&nbsp; 
However, popular tech YouTuber Marques Brownlee (MKBHD) <a href="https://crypto.news/solana-saga-called-by-tech-industry-critic-as-worst-smartphone-of-2023/">gave</a> the “worst smartphone of 2023” award to Solana’s first-ever web3-focused phone.&nbsp; 
According to a post by Santiment, Solana has become one of the top trending cryptocurrencies, along with Stacks (STX) and NEAR.&nbsp; 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 🗣️ <a href="https://twitter.com/hashtag/Solana?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#Solana</a> (+13%), <a href="https://twitter.com/hashtag/Stacks?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#Stacks</a> (+23%), and <a href="https://twitter.com/hashtag/NEARprotocol?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#NEARprotocol</a> (+17%) are the top trending assets, according to rising social volumes. In each case, when there is mainstream talk at this level, <a href="https://twitter.com/hashtag/FOMO?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#FOMO</a> will create price tops. If holding any, take a cautious approach. <a href="https://t.co/bb3O2lFJd1" target="_blank">https://t.co/bb3O2lFJd1</a> <a href="https://t.co/oMnVvAI0ea" target="_blank">pic.twitter.com/oMnVvAI0ea</a>— Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1737624240558580174?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">December 21, 2023</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
The surge of the three mentioned tokens could be the “mainstream” conversations around the asset on social media platforms. Santiment claims that investors should take a “cautious approach” since the fear of missing out, or FOMO, could potentially create price tops. 
 Read more: <a href="https://crypto.news/coinmarketcap-3-altcoins-lead-with-over-20-gains/"> CoinMarketCap: 3 altcoins lead with over 20% gains </a>

SOL records a 600% annual rally, becomes 5th largest cryptocurrency

crypto.news

Otros artículos publicados el 21 dic 2023

US SEC Loses Again In Court After Setbacks In XRP, Grayscale Lawsuits

Contrasting Views on Bitcoin’s Overbought Status and Market Trajectory

Will Bitcoin ETFs Skyrocket or Sink? The Truth Revealed

Bitcoin Exchange Coinbase Received a Crypto License from an Important Country!

Shibarium Gets New Polygon-Backed Rival – ShibChain

Cryptopia Founder's Corner: Voting Dynamics on Cryptopia

¡Únete a nuestro boletín gratuito para recibir actualizaciones diarias de criptografía!