Solana Surpasses Binance Coin in Market Cap, Demonstrates Growing Strength
Solana's native token, SOL, has recently surpassed Binance Coin (BNB) in market capitalization, securing the fourth spot among the largest cryptocurrencies.
Over the past 24 hours, SOL has surged by more than 15%, which has helped it outpace BNB, which had held that position until now.
SOL’s price has seen a remarkable 15.28% increase in the last day, pushing it to $184.30. This spike has also contributed to its market capitalization reaching $86.7 million. The token’s trading volume over the last 24 hours stands at $6.5 million. In contrast, BNB’s price rose by 3.38% in the last day but has declined by 4.45% in the past week. BNB now trades at $575.82, with a market cap of $82.9 million and a 24-hour trading volume of $1.87 million.
Despite Bitcoin’s record-breaking price of $75,242, the current crypto market sentiment is neutral, with the Fear and Greed Index reading 54. Earlier this year, Solana briefly surpassed BNB, even after facing a major network outage in February.
READ MORE: Bitcoin Reaches a New All-Time High
In addition to its price rise, Solana has seen a significant increase in on-chain activity. As of October 24, its real economic value, calculated through transaction fees and MEV (miner extractable value) tips, hit a peak of $11.09 million. Although this figure has since decreased to around $5 million per day, it remains higher than the levels seen before mid-October. Solana also surpassed Ethereum in daily network fee generation at one point, largely due to activity on its decentralized exchange, Raydium, which generated over $3 million in fees in 24 hours.
Although Ethereum has regained its position above Solana in terms of fee generation, the gap between the two networks remains narrow. Ethereum generated $2.72 million in gas fees in the last 24 hours, while Solana was close behind with $2.51 million in fees. Solana’s liquid staking platform, Jito, has also been performing well, bringing in $2.67 million in staking rewards and $107k in revenue over the last 24 hours. Meanwhile, Ethereum’s Lido platform generated $2.12 million in staking rewards and $211k in revenue during the same period.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
