🤯 How Did Solana Take Over BNB?
Solana price has made headlines with its impressive surge, surpassing Binance Coin (BNB) to become the fourth-largest cryptocurrency by market capitalization. How did Solana grow so fast to be able to take over BNB, here are the details:
🔸 How Did Solana Grow So Fast To Become The Fourth Largest Crypto?
1️⃣ Solana Price Surge Fuels Market Cap Growth
Solana’s price has experienced a significant rise, recently surpassing $185 and closing in on $190. This surge allowed SOL to surpass BNB, with Solana's market cap reaching $86.024 billion, edging out BNB's $84.623 billion. The catalyst behind this rise includes the approval and launch of spot Ethereum ETFs, which shifted investor focus to Solana as a potential ETF candidate.
2️⃣ Solana's Institutional Interest
Solana has seen a notable increase in institutional interest. for the week ending July 20, Solana had the highest inflows of any altcoin after Ethereum, with $9.6 million in inflows compared to Litecoin's $2.2 million. This significant interest from institutions suggests that Solana is becoming a preferred investment choice, driving its price higher and increasing its potential for further gains.
3️⃣ Solana's Increasing User Activity
Since the beginning of July, Solana has seen a significant surge in daily active addresses, reaching over 2 million. This 38% increase from the 1.45 million addresses recorded on July 10 demonstrates growing interest and confidence in Solana within the crypto community, further supporting its bullish outlook.
