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Solana claimed the 5th spot amongst crypto’s best 10 tokens by means of marketplace cap following an airdrop frenzy, memecoin mania, and smartphone saga.
Layer 1 blockchain Solana (SOL) become a best 5 cryptocurrency after flipping Ripple’s XRP token in the case of marketplace capitalization. On Dec. 20, the cost of SOL won over 8% and exceeded $80, a brand new prime in 2023. Its marketplace cap additionally stood above $34 billion for the primary time since April 2022.
Handiest Binance’s BNB, Tether’s USDT, Ethereum, and Bitcoin boasted greater marketplace caps at press time.
Solana surges
Solana has loved greater on-chain task in contemporary months, rallying in token value at the side of the wider crypto ecosystem or even outclassing greater blockchains like Ethereum in decentralized change (DEX) buying and selling quantity.
In 24 hours, Solana DEX quantity crossed $1.26 billion in comparison to Ethereum’s $1.17 billion, consistent with DefiLlama.
SOL’s blockchain garnered consideration because of airdrops like Jito, which rewarded some customers with five-figure sums and memecoin mania led by means of the likes of Bonk (BONK), a canine-themed crypto that rose to the 3rd biggest meme token at the back of Shiba Inu (SHIB) and Dogecoin (DOGE).
Solana could also be making headlines because of its Saga cell phone, despite the fact that one tech critic referred to as it “the worst smartphone of 2023”. Regardless of the scathing evaluate, Saga’s marketplace value soared as prime as $5,000 in line with unit at some extent, a large build up from its authentic $600 price ticket.
The tool commanded a hefty sum after customers found out unfastened BONK tokens airdropped to homeowners, with extra airdrops apparently coated up for the generally anticipated 2024 bull marketplace cycle. SOL individuals are reportedly taking a look towards Jupiter’s airdrop, showed for January.
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