Solana’s Market Cap and Dominance
Presently, Solana boasts a market cap of approximately $44 billion. Last week, transaction volume for decentralized exchanges (DEXs) on the Solana blockchain exceeded that of rival Ethereum for the very first time. This was driven, in part, by the surge in popularity of meme coins like BONK and Dogwifhat (WIF) on the Solana network.
While some Solana-based tokens have experienced recent declines, many have still achieved significant gains in the past few weeks. For instance, BONK hit an all-time high of $0.00003416 on December 15. Although it’s since dropped by nearly 45%, this meme coin remains up by an impressive 347% over the past month.
Another notable Solana token is WIF, which has recorded a 294% increase in value just this week. However, it has recently dipped by almost 28% from its all-time high on Friday. Helium’s HNT token, a crypto-powered wireless network, has also seen a remarkable 217% gain over the past 30 days, while their MOBILE token has surged by a staggering 1,316% this month following the nationwide expansion of the Helium Mobile service.
Solana Leads in Market Gains
Over the past 24 hours, Solana is the top gainer among the top 10 cryptocurrencies by market cap, and its 37% rise in recent days has made it stand out even within the top 100. Other notable performers this week include Optimism’s OP token, an Ethereum scaling network, which has soared by 49%, and Near Protocol’s NEAR token, which has recorded a 47% increase.
On the other hand, the two largest cryptocurrencies, Bitcoin and Ethereum, have both seen only modest gains of around 3% in the past week.