Solana Surpasses Binance Coin to Become Fourth Largest Cryptocurrency
Solana (SOL) has surpassed Binance Coin (BNB) to become the fourth largest cryptocurrency by market capitalization, reaching over $87 billion compared to BNB's nearly $84 billion. SOL experienced a 14% increase recently, reflecting growing investor interest.
Solana's rise has sparked discussions among crypto analysts about a potential new era for the network. Although BNB saw a nearly 4% increase during the same period, Solana's recovery and strong community support have outpaced its competitor.
Increasing User Engagement and Activity
Active participation on Solana's network has contributed to its price increase. The network recorded 123 million active monthly addresses in October, a 40% rise from September. This trend indicates growing confidence in Solana.
Transaction fees and miner extractable value (MEV) tips peaked at $11 million on October 24th, indicating heightened economic activity. Increased engagement from regular users highlights Solana's dynamic ecosystem.
Memecoins Add to the Frenzy
Memecoins have surged on Solana's network, boosting trading volume and attracting users. Pump.fun, a memecoin generator, generated $30 million in revenue in October, while Raydium, a decentralized exchange, saw trading volume exceed $30 billion.
The popularity of memecoins illustrates Solana's adaptability as a blockchain that supports both mainstream and niche projects.
DeFi Expansion Boosts Solana's Ecosystem
Growth in Solana's decentralized finance (DeFi) sector is also noteworthy. According to Messari, the total value locked (TVL) in Solana's DeFi ecosystem reached $5.8 billion in Q3 2024, marking a 25% increase from the previous quarter and positioning Solana as the third largest network by TVL.
Featured image from Reddit, chart from TradingView