Solana (SOL) hits a record high (again) - Its capitalization exceeds that of DOGE

Solana’s SOL price breaks its latest record

Soon to hit $200? This threshold that seemed far away a few weeks ago seems to be on the verge of being crossed by the SOL price, which just set a record at $193. Over the past seven days, the altcoin has exploded by +72%, including +29% in the last 24 hours alone. In daily trading, SOL’s price looks like a rocket:

cours SOL Solana

Source: TradingView, SOL/USDT

This is the first time SOL’s capitalization hasexceeded $50 billion. This new jump allows it to overtake Dogecoin (DOGE) in the ranking of the most capitalized cryptocurrencies. SOL is also closing in on Ripple’s XRP, which has a market cap of $62 billion.

Any new announcements behind this bull run?

Beyond its privileged status as an ” Ethereum killer,” Solana seems to have caught the attention of investors following a new announcement from Sam Bankman-Fried, who oversees the project, as well as the FTX exchange platform. Bankman-Fried confirmed yesterday that FTX will launch a non-fungible token (NFT) platform.

As a proof of this generalized craze, the FTX Token (FTT) is also among the most important progresses of the last days, with a rise of +71% over the week and +14% over the last 24 hours. Both tokens are among the three biggest jumps of the day, along with Fantom’s FTM :

Progressions altcoins semaine SOL Solana FTT FTX Token

Source: CoinGecko

We also note that projects built on Solana are enjoying this investor favor. The stablecoin UXD thus managed to raise $3 million a few days ago.

Read about – FTX CEO raised $10 billion from cryptocurrencies

A broader trend

So, FTX/Solana ecosystem projects are definitely among the crypto-currencies to watch right now. We also see that among the strongest gains of the week was another smart contract platform: the Polkadot DOT. The latter has taken +34% over the last seven days, and its capitalization currently stands at $35 billion.

Opposite him, however, we note that Cardano’s ADA is rather gray: it loses -1.4% over the weeke, though it remains settled in third place among the most capitalized cryptocurrencies at the moment.

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About the author: Marine Debelloir

Solana (SOL) hits a record high (again) - Its capitalization exceeds that of DOGE

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Associate Editor on Cryptoast, I fell into the crypto-currency pot a few years ago. I’m passionate about the innovative technologies that come from blockchain and I love digging up the juiciest news to share with you.
All articles by Marine Debelloir.