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Solana market capitalization has surpassed Binance Coin, becoming the 4th largest cryptocurrency, signaling growing confidence in its ecosystem.
Despite the market correction, Solana still saw an increase in investor activity and bullish sentiment.
Factors driving Solana's rise include rising prices, increased trading volumes, and major milestones such as record daily volume figures for the DEX.
Solana's meteoric rise has rocked the cryptocurrency market as its market capitalization surpassed Binance Coin (BNB), making it the 4th largest cryptocurrency by market capitalization.
Read more: What is Solana Crypto and how great is it?
Solana market capitalization surpasses Binance Coin to take 4th place
This significant change highlights the growing trust and interest in the Solana ecosystem, marking a potential turning point in the crypto landscape.
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With Solana's market capitalization currently at $85.7 billion, it has seen a spike in investor activity and bullish sentiment. While other tokens have faced corrections amid recent market volatility, Solana has thrived, surpassing BNB which saw a 1.4% market cap drop in 24 hours via.
Factors driving the increase in investor confidence
Driving Solana's market capitalization are various factors, including rising prices, notable increases in trading volume, and elevated market activity on major exchanges such as Binance , Bybit, and OKX. According to DefiLlama, recent milestones for the network include achieving a record daily DEX volume figure, surpassing Ethereum's performance.
Furthermore, Solana saw a series of meme coins skyrocket in March, further cementing its position as a dominant player in the crypto space. In the past week alone, SOL has increased by over 33%, outperforming all other major cryptocurrencies. This marks the first time Solana has won the fourth spot since December 2023, according to CoinMarketCap data.
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