Solana has been on the positive side of the recent Bull Run in the cryptocurrency market. Sol, the native cryptocurrency of the Solana blockchain, has risen in value, overtaking Dogecoin from the seventh rank in the crypto market cap chart.
Solana is an open-source project that is designed to facilitate the creating of decentralized apps. Solana is also able to execute smart contracts using proof-of-history technology. The project can process up to 50,000 transactions per second.
Solana’s Stardom in the Latest Bull Run
Solana experienced a 20% 24-hour surge that was enough to catapult the cryptocurrency past meme crypto Dogecoin. In the past month, Sol has risen by 300%, as it was trading at only $35 on August 1 and surpassed the $100 mark for the first time on Monday. At present time, the cryptocurrency is trading at $143.10, and a 24 hour high of $150.43. Sol’s market cap is at $40.24 billion.
Solana’s rise has surpassed other records such as Cardano that shot up to the third-largest cryptocurrency and Binance Coin that exceeded the $80 billion market cap. Solana’s rise has earned the digital coin the name the “Ethereum killer.”
Dogecoin is no Match to the new World’s Seventh Largest Crypto Solana
Although Dogecoin also rebounded from the bearish market at the end of July, it still was not enough to secure its position on the crypto market. Doge’s price was up by 46% over the last 30 days and only 7.5% over the last week. Its numbers are incomparable to Solana’s 300% rise in 30 days.
Additionally, Dogecoin’s reputation of swinging harder in either direction compared to coins such as Bitcoin and Ethereum seems to have scared investors away. Despite its support from the likes of Elon Musk, Dogecoin is still 60% off its peak price of $0.73 set in May. The meme cryptocurrency is currently trading at $0.2996 with a market cap of $39.288 billion.
