Solana (SOL) reaches new ATH, surpasses $50 billion capitalization and overtakes Dogecoin

One of the best performing cryptocurrency assets in recent days is Solana’s SOL token

, which is climbing up the market capitalization charts.

The

sponsored

Solana Native Token

(SOL) is one of the top-earning cryptocurrencies in today’s top 100, second only to its “cousin,”

FTX Token

(FTT).

At the time of this writing, Solana is experiencing 22.7% daily growth. SOL’s market capitalization has just surpassed $50 billion, securing the seventh spot on the list of largest cryptocurrencies according to CoinGecko.

Sponsored SOL

is currently recording an all-time

high

(ATH) in the $174 area, after gaining an impressive 58% last week. The next target for SOL is XRP

, which currently has a market capitalization of $63 billion and has gained 4% on the day.

Solana has already surpassed Polkadot, Chainlink and Uniswap

in terms of market capitalization. Solana (SOL) reaches new ATH, surpasses $50 billion capitalization and overtakes DogecoinSolana na miejscu 7TOP 10 largest cryptocurrencies / Source: CoinGecko

Huge momentum for Solana and high-speed blockchains

Solana is a high-bandwidth, enterprise-grade blockchain that has been gaining traction in recent months alongside tier-2 Ethereum

platforms and is backed by Alameda Research and FTX Exchange, all under the umbrella of cryptocurrency billionaire Sam Bankman-Fried.

The current momentum is fueled by Bankman-Frieda’s recent announcement that FTX will launch an NFT platform for U.S. customers. NFTs

will be created and traded on Ethereum and Solana. He added that deposits and withdrawals will be launched in the next few weeks.

Bankman-owned Alameda has also invested in Ethereum scaling solutions provider Arbitrum. Mainnet Arbitrum launched earlier this month after a $120 million funding round.

In a note to clients on Monday, JPMorgan managing director Nikolaos Panigirtzoglou noted

:

August rally in non-convertible tokens and increased activity in decentralized finance helpedy are not just Ethereum. Alternative cryptocurrencies that facilitate or plan to facilitate smart contracts such as Solana, Binance Coin and Cardano are also gaining.

FTT is up 25%

The only other cryptocurrency currently surpassing SOL is Bankman-Frieda’s native derivatives exchange token, FTX.

The FTT token also hit an all-time high during the morning Asian session on Tuesday, when it rocketed to $82. FTT has earned as much as 73% over the past week, trumping even the mighty SOL performance.

Tokens based on DeFi and Layer 2 are doing well right now, trumping Bitcoin‘s gains.

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