TL;DR
- Solana’s market capitalization reaches $85.2 billion, approaching Binance Coin (BNB), which has $88.92 billion.
- SOL experienced a growth of nearly 450% in the last year, surpassing BNB’s 168%.
- The market for SOL memecoins exceeded $12 billion, driven by the Pump.fun platform and the launch of “Dogwifhat.”
Solana’s market capitalization has shown exponential growth in recent weeks, getting closer to that of Binance Coin (BNB).
Currently, Solana has a capitalization of $85.2 billion, thanks to an increase of more than 3.6% in the value of the SOL token, which is currently trading at $181.19. In contrast, BNB has a capitalization of $88.92 billion, and each token is valued at $609.3. This places SOL in a highly competitive position in the crypto market, ranking fifth by capitalization, where it also leads the total value locked in decentralized finance (DeFi) protocols, reaching $6.3 billion, compared to $4.7 billion on the BNB chain.
The growth of SOL, which has increased by nearly 450% in the last year, triples that of BNB, which has seen an increase of about 168%. Its superior performance highlights the strength of its ecosystem, which has benefited from the lack of a maximum supply, compared to BNB, which uses a real-time burning mechanism to reduce its circulating supply. In contrast, SOLis an inflationary token, with a current supply of around 587 million tokens.
The Explosive Growth of Solana’s Memecoins
At the same time, Solana’s memecoin market has reached a market capitalization of over $12 billion. Its explosive growth has been fueled by the emergence of platforms like Pump.fun, which allows for the creation of memecoins without coding. Despite initial skepticism about its viability, the sector has proven resilient, even in the face of saturation forecasts. The introduction of “Dogwifhat,” the most significant within the ecosystem, has generated much interest and reaffirmed Solana’s relevance in this niche.
🚨BREAKING: The Total Market Cap of @Solana memecoins has surpassed $12 billion,a new all-time high. pic.twitter.com/r0Gj58d4FK
— SolanaFloor (@SolanaFloor) October 29, 2024
The increase in liquidity in the memecoin market has also positively impacted the decentralized exchange (DEX) infrastructure of Solana. This year, Jito, the protocol with the highest total value locked, has seen a significant increase in its TVL, rising from $600 million to $2.4 billion.
Additionally, it is important to consider the transaction volume, which has surpassed Ethereum at certain times, solidifying Solana’s position as a highly significant blockchain in the DeFi sector
