#Why Sol Surge higher XRP
Solana’s native token, SOL have increases surpassing $94 for the first time since May 2022. This rally over the past two weeks led SOL to overtake XRP making it the fourth-largest cryptocurrency, excluding Stablecoins in terms of market capitalization for the first time. Then what is behind?
DAPP Activities
Solana’s DApps grew to an impressive 875,250, while most competing blockchains experienced a decline.
It is also supported by the growing adoption of the Solana network, as evidenced by the increasing number of decentralized applications (DApps) built on the platform. Just three weeks ago, Solana's total value locked (TVL) was only $654 million. This has now grown to $1.28 billion, a significant increase. This data suggests that the Solana network is becoming increasingly popular.
Token Launch
Recent activities in token launches, including Bonkwifhat (BIF), Ribbit (RBT), Jupiter (JUP), Meow Coin (MEOW), Phantom, Kamino, Drift and many others also contributed to the surge in Sol. However, by onboarding more users and increasing its TVL, the Solana network is solidifying its position and attracting promising projects that could further establish its presence in the DApps industry.
Phone Saga
With frenzy of airdrops that led to the complete sell-out of Solana’s Saga phone and its trading at a premium on secondary markets.
Solana stepped into the spotlight on Dec. 7 when major centralized exchanges listed the newly launched SPL token JITO, the token for the Jito liquid staking protocol token inspired by Ethereum’s Lido. Jito’s airdrop yielded impressive profits for participants, with its market capitalization exceeding $300 million within the first few hours of trading. The successful debut on Coinbase and Binance boosted demand for other airdrops and token launches on the Solana Network.
Regarding Solana’s Saga phone, a turning point occurred with the Coinbase exchange listing of the memecoin BONK on Dec. 14. Each phone received 30 million BONK, surpassing the product’s $599 price tag.