Solana Overtakes BNB in Market Capitalization Ranking
Solana (SOL) has surged 15% in the past 24 hours, trading above $185**, propelling its market cap to **$86.8 billion—surpassing Binance Coin (BNB) to claim the fourth-largest cryptocurrency spot. BNB’s market cap currently stands at $83.1 billion, reflecting a 4.5% decline over the past week.
Key Drivers Behind Solana’s Growth
- Network Activity & Fee Revenue:
Solana’s decentralized exchanges (DEXs), like Raydium, generate over $3 million in daily fees, signaling robust ecosystem usage. - NFT Dominance:
Solana commands >50% of NFT sales royalties, boosting SOL’s utility and attracting new investors. - Institutional Interest:
CoinShares reports **$5.7 million in institutional inflows** to Solana (November 2024), second only to Ethereum’s $9.5 million.
👉 Explore Solana’s latest price trends
Challenges & Competitors
Despite its momentum, Solana faces:
- Technical Stability: Occasional network outages require further optimization.
- Rival Networks: Competition from Polygon, Avalanche, and Ethereum’s lower gas fees.
FAQ Section
Q1: Why did Solana’s price surge 15%?
A1: Increased DeFi/NTV activity, institutional inflows, and fee revenue growth drove demand.
Q2: How does Solana compare to Ethereum?
A2: Solana offers faster/cheaper transactions but lags in decentralization and developer adoption.
Q3: Is SOL a good long-term investment?
A3: While promising, monitor network upgrades and competitor developments.
👉 Track Solana’s real-time market cap
Note: All data reflects November 2024 metrics. Always conduct independent research before investing.
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