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Solana's Crypto Surpasses BNB: The Ins and Outs of an Unexpected Victory

Tue 19 Mar 2024 ▪ 4 min of reading ▪ by Mikaia A.
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Solana, the blockchain, celebrated its 4th anniversary on March 4th. And as a birthday gift to itself, it claimed the 4th spot among the world’s top-rated cryptocurrencies. A mere coincidence or the fruit of hard work? That’s the big question.

Runners, Ethereum, Solana and BNB logos

Solana Surpasses Binance Coin (BNB): A Meteoric Crypto Rise

The meteoric success of Solana and its SOL token is no accident. The team behind this blockchain is determined to reach new heights, particularly by positioning itself as an “Ethereum killer.” Its rise is the result of hard work, with notable progress in the competition with Ethereum, whether in the field of decentralized exchanges (DEX) or the development of memecoins.

However, the recent reshuffling of cryptocurrency rankings by market capitalization has raised eyebrows, and CryptoPolitan appears to have detailed explanations on the subject.

SOL has surpassed BNB to become the 4th largest cryptocurrency by market capitalization.

In the game of musical chairs of cryptocurrencies, Solana (SOL) managed a masterstroke by dethroning the Binance Coin (BNB) from its coveted position, comfortably settling into the world’s fourth spot by market capitalization. This recent victory is not just about a simple change in figures; it reflects the unstoppable rise of the Solana ecosystem. While BNB’s market cap fell by more than 5% in 24 hours, Solana continued its momentum, setting new records and captivating the attention of the crypto universe.

In just one week, the price of Solana has soared by 40%, surpassing the $200 mark for the first time since November 2021. This dizzying rise has not only solidified its place among the market leaders of cryptocurrencies but also propelled SOL into the top 200 global companies in terms of capitalization. This notable success is not limited to the altcoin itself, but also indicates the growing recognition of cryptocurrencies as key players in the global financial landscape.

Solana: A Saga of Innovation and Success

Solana is more than just another cryptocurrency; it epitomizes a saga of innovation – don’t forget it’s gearing up to release the second version of its Web3 smartphone, Solana Saga, and success in the cryptosphere. Since its low of $8 in December 2022, SOL has climbed dramatically, recording a growth of 2,468%. Despite a modest start to the year, its trajectory ignited in March, reaching new heights.

Beyond its price, the Solana ecosystem is constantly evolving, broadening its appeal with a diversified DeFi offering and the welcoming of new memecoins. Breaking free from the shadow of Sam Bankman-Fried (SBF) marked a turning point in Solana’s history, liberating it from past controversies.

This meteoric rise is not a stroke of luck but the result of sustained growth, technological advancements, and a dynamic community. Solana has succeeded in turning challenges into opportunities, establishing its place among the market leaders in cryptocurrencies.

Solana vs Ethereum: A Significant Challenge

After dethroning Binance Coin, the next step for SOL is to surpass Ethereum (ETH). With a capitalization of $90 billion compared to $435 billion for ETH, SOL needs to increase by 483% to take the lead.

Currently, for SOL to exceed ETH, its price would need to reach $982 with its current supply of 443 million tokens. However, SOL’s supply is gradually increasing, unlike ETH’s supply which is slightly decreasing.

If the trend continues, with an estimated supply of 506 million tokens in 2025, SOL would have to reach $860 to surpass ETH, a task requiring an increase of more than 300%. The competition is on.

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Mikaia A. avatar
Mikaia A.

La révolution blockchain et crypto est en marche ! Et le jour où les impacts se feront ressentir sur l’économie la plus vulnérable de ce Monde, contre toute espérance, je dirai que j’y étais pour quelque chose

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.