Solana Overtakes BNB by Market Capitalization
Despite the network outages noted last week, Solana managed to consolidate its position and overtake BNB in terms of market capitalization.
Over the past seven days, SOL has grown in value by 18%, overtaking its closest competitor, BNB, in terms of market capitalization. SOL now ranks 4th in this indicator, and at the time of writing the coin's value was $112.
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Investors continue to express confidence despite recent network outages. January saw a new record for the network, with almost 12 million new addresses. The network also saw a 10.18% increase in open interest. However, this is not the only reason why Solana has been performing incredibly well lately, as the bullish trend sweeping the network is just part of a larger wave of optimism.
During January 2024, Solana saw a new record of nearly 12 million new addresses added to the network. This is an all-time high, with the combination of rapid growth of the Solana community.
— Tanya Jackson (@TannyJ2) February 5, 2024
Phantom, a Solana-based wallet, attracted 3.2 million active users in January through continued token airdrops. That's a 220% increase over January 2023. The catalyst for the network's growth was the airdrop of Jito and Jupiter tokens. The airdrop combined with the memecoin hype strengthened Solana's position in the market.
The developers of Solana Saga are also not missing a chance in the current memecoin fever. The company's new smartphone recorded 100,000 pre-orders, which helped the developers raise about $45 million. The smartphone, which has been dubbed "Chapter 2," has learned the lessons of its predecessor. Its price has dropped to $450, down from Saga's starting price of $1,000. Its owners can also look forward to airdrop tokens, as was the case with the Saga. For now, the details of Chapter 2's benefits are unknown, but users are determined not to miss out on the opportunity.
100,000 preorders in less than 30 days 🔥
— Solana Mobile 2️⃣ (@solanamobile) February 12, 2024
We’re floored by the demand and truly grateful for the overwhelming support💪
Now that we’ve hit this milestone, the Founder Window & preorder price of $450 will close in 48 hours. Your chance to join is now!
👉 https://t.co/nYR9apGGIT pic.twitter.com/9L224igXcL
Speaking of Solana-based memecoins, an increasing number of tokens are showing incredible spikes in price, which also favors SOL. For example, the Smog Token has skyrocketed more than 4,700% since its launch in February 2024. The new favorite managed to reach a market capitalization of $50 million in just 36 hours since its launch on February 7. Made with a dragon theme, SMOG offers holders staking, rewards for burning tokens, and interactive airdrops. This just goes to show that there is genuine community interest behind the price movement.
What is also interesting is that some experts have noticed a positive impact of ETH on SOL. They noted that ETH on the Solana network is experiencing a more pronounced surge compared to ETH on the Ethereum network. In other words, Solana is at an advantage in terms of transaction speed and cost efficiency.
So $ETH on $SOL is pumping more than $ETH on Ethereum 👀
— MartyParty (@martypartymusic) February 12, 2024
Crypto is cryptic and always facinating. pic.twitter.com/yOrefZV5jZ
