Solana (SOL) Turns BNB Into The Fourth Largest Coin

Solana (SOL) has surpassed Binance Coin (BNB) to claim the position of the fourth largest coin by market capitalization.

Solana's market cap now stands at $48.79 billion, surpassing BNB's $41.40 billion.

This milestone comes amid a broader rally in the digital asset sector, with Solana's price hitting $114.54, marking a surprising increase of 58.4% over the past week. Outperforms Bitcoin and Ethereum In another significant development, Solana has outperformed major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) in trading volume on Coinbase.

Notably, this is the first time that three coins traded for more than BTC in a 24-hour period on the platform. Additionally, Solana has seen a surge in decentralized exchange (DEX) volume, outpacing all other chains with 3,078% higher volume than Ethereum.

This shows increasing investor confidence in the Solana ecosystem and its potential to maintain high transaction volumes, which is a key metric in the crypto world. SOL still far from its ATH The recent surge was fueled by the dog-themed meme coin, Bonk (BONK), which saw a stunning surge in late November.

This dramatic increase in value caught the attention of the crypto community and inspired the creation and trading of other similar meme coins. It's not just about meme coins.

Solana's total value locked is approaching $1.5 billion, meaning there is healthy interest in the broader ecosystem. Despite this spike, SOL is still 56.21% below its all-time high, illustrating the volatile nature of the crypto market.