The cryptocurrency you must lay out in the 2024 bull market
Solana (SOL) has been a standout in the cryptocurrency market, with a sharp increase of 22.4% against the US dollar in the past week. This impressive performance overshadowed the gains of Bitcoin and Ethereum, which rose 6.7% and 4%, respectively. Solana has a market capitalization of $79 billion and is currently on par with Binance Coin (BNB). Its DeFi ecosystem is booming, driven in large part by a surge in demand for meme coins. Notably, Solana's DeFi protocol processed $890 million in transaction volume in the past 24 hours, despite its total value locked (TVL) being more than ten times smaller than Ethereum. Solana's widespread adoption is further evidenced by the success of Phantom, a cryptocurrency wallet on the Solana blockchain, which has become the fourth most popular utility on the app store. The growing user base and dynamic developments within its DeFi space make Solana an attractive investment option with the potential for high returns in the next 10 days.