{"id":1130,"date":"2024-11-07T06:00:20","date_gmt":"2024-11-07T06:00:20","guid":{"rendered":"https:\/\/ad-doge.com\/blog\/solana-rockets-past-bnb-to-claim-coveted-4th-spot-in-crypto-ranks\/"},"modified":"2024-11-07T06:00:20","modified_gmt":"2024-11-07T06:00:20","slug":"solana-rockets-past-bnb-to-claim-coveted-4th-spot-in-crypto-ranks","status":"publish","type":"post","link":"https:\/\/ad-doge.com\/blog\/solana-rockets-past-bnb-to-claim-coveted-4th-spot-in-crypto-ranks\/","title":{"rendered":"Solana Rockets Past BNB To Claim Coveted 4th Spot In Crypto Ranks"},"content":{"rendered":"

Among the largest cryptocurrencies by market capitalization, Solana (SOL) has surpassed Binance Coin (BNB) to secure the fourth position. SOL has recently experienced a 14% increase, which has enabled it to surpass BNB.<\/p>\n

This represents an emerging market momentum of Solana. According to Coingecko, the market capitalization of Solana has reached over $87 billion<\/a> in comparison to that of Binance Coin at almost the $84 billion mark. Thus, this shows the emergence of Solana’s strong appeal to investors.<\/p>\n

Solana’s most recent ascent has brought it into the limelight, prompting crypto devotees and analysts to contemplate whether this represents a new era for the network. Despite a nearly 4% increase in BNB<\/a> during the same period, Solana’s rapid recovery and robust community support have eclipsed its rival.<\/p>\n

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Increasing User Engagement and Activity<\/h2>\n

Apart from market size, active participation and complete information on-chain have raised Solana’s price. The network just noted a historic first: 123 million active monthly addresses in October, up 40% from September. According to the latest data<\/a>, active addresses increased month by month displaying participation and confidence in the promise Solana presented.<\/p>\n

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According to the real-time economic activity reports by Blockworks Research, transaction fees and MEV tips recently peaked at a new all-time-high figure of $11 million on October 24th. These values have remained much above past ones, even though they have fallen somewhat lately.<\/p>\n

Particularly from regular users and small-scale transactions, the higher use and engagement show the dynamic character of Solana’s ecosystem and its capacity to draw each daily players.<\/p>\n

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Memecoins Add To The Frenzy<\/h2>\n

The memecoin mania has taken off within its network, thereby amplifying trading volume and attracting more users, which has contributed to Solana’s rally. Pump.fun, a memecoin generator, and Raydium, a decentralized exchange, have received substantial attention. Pump.fun generated $30 million in revenue in October. On the other hand, Raydium’s trading volume exceeded $30 billion.<\/p>\n

Memecoins have been a significant factor in the recent growth of Solana, as a growing number of users are flocking to these platforms to trade or generate meme-based tokens. The emergence of these niche areas has heightened the enthusiasm surrounding Solana, illustrating its adaptability as a blockchain that accommodates both mainstream and unconventional projects.<\/p>\n

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\nDeFi Expansion Boosts Solana’s Ecosystem<\/p>\n

The price and volume of token transactions are not the only factors that contribute to Solana’s growth. According to a research by Messari, the Solana decentralized finance ecosystem is experiencing growth in terms of value locked (TVL), reaching $5.8 billion<\/a> in Q3 2024. This is a 25% increase from the previous quarter, which propelled Solana to the position of third largest network by TVL.<\/p>\n

Featured image from Reddit, chart from TradingView<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Among the largest cryptocurrencies by market capitalization, Solana (SOL) has surpassed Binance Coin (BNB) to secure the fourth position. SOL has recently experienced a 14% increase, which has enabled it to surpass BNB. This represents an emerging market momentum of Solana. According to Coingecko, the market capitalization of Solana has reached over $87 billion in…<\/p>\n","protected":false},"author":1,"featured_media":1131,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[12,716,22,443,51,55,109],"class_list":["post-1130","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency-market-news","tag-altcoins","tag-binance-coin","tag-bitcoin","tag-bnb","tag-crypto","tag-cryptocurrency-market-news","tag-solana"],"_links":{"self":[{"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/posts\/1130","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/comments?post=1130"}],"version-history":[{"count":0,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/posts\/1130\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/media\/1131"}],"wp:attachment":[{"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/media?parent=1130"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/categories?post=1130"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/tags?post=1130"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}