Solana (SOL) has ousted Dogecoin (DOGE) as the seventh largest cryptocurrency by market capitalization.
SOL, the native cryptocurrency of the Solana blockchain, has moved up another place and now ranks seventh on the list of the most valuable cryptocurrencies by total market capitalization, according to data from CoinGecko. Solana has overtaken the leading meme coin Dogecoin (DOGE).
SOL grew by over 70% in the past week alone, while the rest of the crypto market remained relatively inactive over the same period. SOL has closed seven consecutive weekly green candles for the first time since its inception, indicating the strong upside momentum the altcoin has built. SOL’s market capitalization also exceeds $ 40 billion. If he manages to continue pricing mode, SOL has every chance of making it into the top 5 this bull season.
On the other hand, Dogecoin has shown a rather mixed performance lately. According to CoinGecko, its price has increased 46% in the last 30 days, but only about 7.5% in the last week. DOGE rose faster than some competing coins as the broader cryptocurrency market began to rebound in late July, but it’s a historically volatile coin that tends to swing more strongly in both directions than coins like Bitcoin and Ethereum.
SOL’s outperformance of DOGE led pseudonymous cryptocurrency analyst Pentoshi to question the market on Twitter.
– 🧸🔫🐧Pentoshi Wont DM You (@ Pentosh1) September 3, 2021
Solana was developed from the start as a more energy-efficient proof-of-stake blockchain, offering fast transaction times and low fees. The rise in the price of the SOL token in recent weeks is partly attributed to the increasing DeFi and NFT activity on the platform, which suggests wider acceptance among developers and users.
The content made available does not constitute investment advice or investment brokerage. The analyzes are also not to be understood as an invitation to trade, but only reflect the opinion of the author. All statements about cryptocurrencies and their possible price development are absolutely non-binding. In the event that users of the site trade based on the idea of analyzes, this is entirely at their own risk.
Image @ Depositphotos