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HomeCrypto MiningSolana briefly surpassed BNB in market cap as SOL approaches $100

Solana briefly surpassed BNB in market cap as SOL approaches $100

Solana’s native SOL token continues its meteoric rise this 12 months because it traded close to $100 for the primary time in 20 months throughout the early buying and selling hours of Dec. 22, in keeping with CryptoSlate’s information.

Nonetheless, the asset’s worth has since retraced to round $91 as of press time.

The upward worth motion liquidated roughly $20 million from crypto merchants speculating on the digital asset’s worth. Knowledge from Coinglass confirmed skeptics betting towards additional SOL worth improve misplaced $12 million whereas lengthy merchants had been liquidated of round $8 million.

Over the previous 12 months, the worth of SOL has been regularly rising due to a number of notable occasions taking place in its ecosystem. Solana established vital partnerships with world monetary entities resembling Visa and Shopify. These collaborations leverage the blockchain community expertise to hurry up their fee processes.

Apart from that, the hype surrounding the Solana-based BONK memecoin and the resurgence of decentralized finance (DeFi) exercise on the sensible contract-enabled blockchain community has additional bolstered its current progress.

SOL’s market cap briefly flips BNB

In the course of the reported interval, Solana briefly overtook the Binance-backed BNB token to turn into the fourth-largest cryptocurrency by market capitalization.

This transfer was paying homage to how SOL’s market capitalization flipped that of Ripple’s XRP earlier within the week.

Knowledge from CryptoSlate exhibits that SOL’s market capitalization reached $42.24 billion earlier than dropping to its present worth of $39.35 billion.

Nonetheless, BNB has since regained its place because the fourth-largest cryptocurrency by market capitalization, with a valuation of $41.2 billion.

The temporary flipping additional signifies the sturdy progress the community has seen this 12 months.

Solana’s Saga cellphone

In the meantime, curiosity in Solana’s blockchain-enabled Saga smartphones has reached fevered heights because the community reported that it noticed an “overwhelming demand” for the machine final week and could be unable to meet orders on account of an “stock administration situation.”

In a Dec. 22 publish on X (previously Twitter), Solana Cellular defined that:

“In working to meet orders, we realized of a list administration situation with our third-party distributor that resulted in an inaccurate illustration of our stock. Given this, we’re sadly unable to meet orders that had been positioned after stock ran out. As well as, we canceled orders that had been flagged for suspicious exercise on account of extreme machine orders or fee danger, as we work to get Saga within the arms of as many customers as potential.”

CryptoSlate beforehand reported that the smartphone had bought out due to the frenzy surrounding the Bonk memecoin.



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