Solana’s 24-hour DEX volume of $2.148B exceeds Ethereum and Arbitrum combined, showing its market dominance.
Solana overtakes BNB as the fourth-largest cryptocurrency by market cap, rising 8.4% in a day.
Solana-based celebrity memecoins plummet, losing over 90% of their peak value within a month.
Solana has has had several positives in the crypto market, surpassing the combined 24-hour decentralized exchange (DEX) volumes of both Ethereum and Arbitrum. With a market dominance of 35%, Solana’s 24-hour volume reached $2.148 billion, outpacing Ethereum’s $1.515 billion and Arbitrum’s $620.25 million.
JUST IN: @solana surpasses the combined 24-hour DEX volume of Ethereum and Arbitrum Market Dominance: 35% pic.twitter.com/JyVPZSx2SX
— SolanaFloor (@SolanaFloor) July 28, 2024
Market Performance and Metrics
At press time, Solana was trading at $183.91, marking a 1.04% increase over the last day. The market cap has risen to $85.47 billion, also reflecting a 1.04% uptick. The 24-hour trading volume for Solana is $2.76 billion, a notable 13.03% increase.
With a volume-to-market cap ratio of 3.24%, Solana exhibits strong market activity. The circulating supply of SOL is 464.71 million, with a total supply of 581.04 million and an infinite maximum supply. The fully diluted market cap sits at $106.86 billion.
Solana’s Market Cap Achievement
On July 26th, Solana overtook BNB to become the fourth-largest cryptocurrency by market cap. This growth was solidified after an 8.4% increase in the token’s value over the past 24 hours.
Over the last 30 days, Solana’s price has surged by more than 30%, breaking the $181 barrier. This move positions Solana as the third largest non-stablecoin, trailing only Bitcoin and Ethereum.
Decline of Solana-Based Celebrity Memecoins
In contrast to Solana’s surge, Solana-based celebrity memecoins have experienced a severe decline. Data from Jupiter Slorg indicates that most of these tokens have lost over 90% of their peak value within a month.
Thirty memecoins linked to celebrities such as Andrew Tate and Soulja Boy were launched on Solana last month, but their initial hype has rapidly diminished. The average decline across these tokens is 94%, with the best performers down more than 70% and half plummeting by over 99%.
Prospective Solana ETFs
VanEck and 21Shares have filed with the U.S. Securities and Exchange Commission (SEC) to list the first Solana-based exchange-traded fund (ETF) in the United States. Cboe Global Markets is also moving towards introducing Solana ETFs, adding to the array of crypto investment products.
Following Bitcoin ETFs and the launch of Ethereum ETFs, Solana ETFs would further diversify the crypto investment market. Rob Marrocco, global head of ETP Listings at Cboe, emphasized the growing investor interest in Solana and its potential for growth.
Future Outlook
Analysts predict a substantial price increase for Solana, with some forecasting a potential 900% rally. The introduction of Solana ETFs could enhance market sentiment and create new opportunities for investors. As Solana continues to gain traction, its impact on the crypto market is likely to expand, offering promising prospects for its future development.
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