Ethereum competitor Solana beats Dogecoin on market cap, grows to $43 billion

Riding on the Ethereum surge, Solana (SOL) has now overtaken Dogecoin to become the seventh-largest cryptocurrency in terms of market valuation. SOL’s recent price rally saw it flip the crypto market’s valuation charts and put itself on to its new position with a market cap of around $43 billion. Solana recently ‘exploded’ and has been on the rise ever since. SOL has once again jumped over 25% in the last 24 hours to hit a new all-time high.

Solana surpasses Dogecoin on market cap

SOL, which was termed the ‘Ethereum killer’ by investors along with Cardano (ADA), has been the latest on the cryptocurrency bandwagon to mark a significant rise within days. The platform deals with blockchain-based smart contracts and the demand for the same has been on the rise lately. Ever since Ethereum’s recent update last month, Solana stacked explosive gains and climbed up the crypto market ranks.

Solana is now trading at around $150 and its market cap has grown by around $2 billion since Friday to reach $43 billion. Its closest competitor Dogecoin currently holds a market cap of $38.624 billion. SOL touched its all-time high in the last 24 hours and fell just off the mark as many investors began booking profit. However, the token seems to be on the rise back now.

Why is the Solana price surging?

It is a fact that all cryptocurrencies have been performing well in the market lately, but Solana has been the best of them. The “so-called” Ethereum Killer is indeed out-performing its competitors and is probably on the way to live up to its nickname. SOL is currently trading at $150, having rallied from $70 two weeks ago. It is no secret that Solana is currently the fastest cryptocurrency in the market, and its features keep getting improved by the makers.

Solana was founded in 2017 and deals on the Ethereum platform. Soon, Cardano (ADA) joined the race. Like the Ethereum and ADA, SOL supports smart contracts and is gaining popularity with developers building DeFi apps and creating NFTs (non-fungible tokens).

Among the three, Solana is the fastest by supporting nearly 70,000 transactions per second and that too at a meagre price. SOL, on its current trajectory, could even cross $175 in the coming months. Ethereum’s recent surge to cross the $4000 mark, since its big crash early this year, has played a major role in Solana’s rise.

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