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Solana (SOL) Flips XRP As It Tops Ethereum In 24-Hr DEX Volume

Published

11 months ago

December 20, 2023

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In a compelling twist of events, Solana (SOL) has soared to become the 5th top cryptocurrency by market capitalization, surpassing XRP on December 20. Over recent weeks, the bullish momentum in SOL’s price has propelled it into the spotlight, posing a challenge to XRP’s position amidst choppy market conditions.

Meanwhile, this surge is intricately linked to the rising popularity of the meme coin, BONK, flourishing on the Solana blockchain. So, let’s take a look into the factors behind Solana’s recent ascent and its price performance.

Here’s Why Solana Poses Challenge On XRP

The meteoric rise of Solana in the crypto hierarchy finds its roots in the success of the meme coin, BONK. Over the past weeks, the BONK price has experienced a remarkable surge, marking a substantial 80% increase in its weekly price.

Meanwhile, the catalyst for this surge lies in the meme coin’s recent listings on major exchanges, including Binance and Coinbase. The support from these global platforms has catapulted BONK into mainstream recognition, contributing significantly to Solana’s market cap ascent.

In addition, Solana’s recent milestone of surpassing Ethereum’s 24-hour decentralized exchange (DEX) volume marks a pivotal moment in its journey. A previous report by CoinGape Media revealed that Solana’s proof-of-stake (PoS) blockchain has outperformed Ethereum’s chain for the first time since its launch in 2020.

This achievement is attributed to several factors, including a surge in Solana Mobile purchases, substantial trading volumes associated with BONK, and a prevailing bullish sentiment within the Solana ecosystem. As Solana continues to disrupt the crypto landscape, the industry eagerly watches its trajectory in the coming days.

Also Read: Here’s Why The Crypto Market Is Witnessing Volatile Trading, What’s Next For BTC?

Price Comparison

As the year approaches its end, the recent clash between the top two cryptos has gained notable traction from the crypto community. As of writing, the Solana price was up 3.23% over the last 24 hours and traded at $77.64, with its market cap soaring 3.2% to $33.21 billion.

Notably, the trading volume of SOL was also up 9.68% to $2.24 billion at the same time. Meanwhile, the SOL crypto has added nearly 28% over the last 30 days, along with a weekly surge of 17%.

On the other hand, the XRP price noted slight gains of 0.31% from yesterday to trade at $0.6129, and its market cap also rose by the same percentage and stayed at $33.10 during writing. Meanwhile, the one-day trading volume of XRP fell 8.32% to $1.14 billion as of writing. On a monthly basis, the XRP price fell over 2% as of writing, while noting slight gains of around 1% over the last seven days.

Notably, the Total Value Locked (TVL) on the Solana blockchain was $1.1 billion, a surge of 0.26% over the last 24 hours, as per DeFiLlama data. In terms of DEX volume data by DeFiLlama, Solana has surpassed Ethereum in the last 24 hours, gaining traction from market watchers.

Also Read: What’s Next For Injective (INJ ) Price After A 60% Weekly Surge?