Solana has recently climbed to the 14th position in terms of market capitalization, according to CoinMarketCap data. The crypto now ranks higher than both TRON and Shiba Inu, with a market cap of $4.87 billion. This is almost $200 million more than TRON’s market capitalization of $4.68 billion, and $300 million more than Shiba Inu’s market capitalization of $4.57 billion.
Solana has been experiencing significant growth since the beginning of 2023. It started the year with a market cap of $3.04 billion, and in the past seven days alone, it has added about $2 billion, reaching a high of nearly $5.2 billion. However, a pullback in the past 48 hours has brought its value down to its current position of $4.87 billion.
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With a 45% rise in value, Solana is currently the cryptocurrency with the highest surge so far in 2023. Its price has also climbed from $9.93 on the first day of the year to $13.20 at the time of writing.
This recent surge in Solana’s market capitalization can be partly attributed to the addition of a new meme coin, Bonk, to its blockchain. Bonk, Solana’s first dog token, was recently launched on the platform and is similar to the dogecoin and Shiba Inu cryptocurrencies. It is expected to be a long-term part of the Solana network.
Solana’s rise can also be seen as a bounce-back from a recent drop in value. The cryptocurrency took a hit following the collapse of FTX and the departure of DeGods and Yoots from its blockchain. Despite this, the future of Solana is still seen as bright, with Vitalik Buterin expressing hope for its success in a recent tweet. He believes that opportunistic investors have been washed away with the recent drop, leaving room for Solana to thrive.