Solana Surges Past $100 Billion Market Cap Mark After Weekly Gain of 27%
For the first time in history, Solana (SOL) has surpassed the $100 billion market capitalization mark. The fourth-most valuable cryptocurrency by market capitalization set a new record with a market capitalization of $101.09 billion on Nov. 7, and its price surged to $214.06 following an impressive gain of 8.36% within 24 hours.
The wider cryptocurrency market has been particularly resilient, with total market capitalization up 6.37% to $2.75 trillion after Donald Trump was declared the winner of the U.S. presidential election and the Federal Reserve went ahead with a 25-basis-point interest rate cut. Bitcoin reached new all-time highs, breaking above $80,000, while Ethereum rallied above $3,200.
Solana’s recent success can be traced back to the chain's growing trend in the meme coin sector. The decentralized exchanges on the platform continued to gain from this trend, with Pump.fun reporting revenue of $30.5 million last October and Raydium posting a whopping $30 billion in trading volume.
User adoption across the network has been pretty remarkable, with the number of unique addresses up 42% from September to more than 100 million—a dramatic change from 509,000 monthly active addresses at the beginning of the year.
