Solana’s SOL token has become the seventh-largest cryptocurrency by market cap, overtaking Dogecoin (DOGE) on Tuesday amidst the growing DeFi and NFT market.
<h2><strong>Solana (SOL) is Now the Seventh-Largest Cryptocurrency</strong></h2>
Solana blockchain’s <a href="https://www.coingecko.com/en/coins/solana" target="_blank" rel="nofollow noopener">SOL</a> token has risen to claim the position of the seventh-largest cryptocurrency by market cap, according to data from CoinGecko. In doing so, SOL dethroned the leading meme-based cryptocurrency Dogecoin (SOL).

In the past weeks, Solana has seen a massive rise of over 300% from the past 30 days. The digital asset continued to retake new all-time highs over the past month, rising from $35 on August 1 to reach a new high above $136 set on Tuesday.

The token has been up 23.4% over the past 24 hours while crossing above the $100 price mark for the first time earlier this week.

At the same time, Dogecoin (<a href="https://www.coingecko.com/en/coins/dogecoin" target="_blank" rel="nofollow noopener">DOGE</a>) has risen over 49.2% in the past 30 days but only a mere 7.4% over the past week. At the time of writing, the cryptocurrency is trading lower by 3.4% from the past 24 hours at $0.29.

Solana’s massive price increase has been mostly attributed to the network’s entry into non-fungible tokens. In fact, August has been the best performing month for NFT with record sales of about $900 million.
<h2><strong>Solana Overtakes Dogecoin and the Ethereum Blockchain</strong></h2>
Founded in 2017, Solana is a direct competition to Ethereum blockchain. Like <a href="https://www.cryptoknowmics.com/news/gamestop-might-be-working-with-ethereum-for-the-development-of-nft-platform/">Ethereum</a>, Solana too supports smart contracts and is gaining popularity with developers building DeFi-based apps and NFTs (non-fungible tokens).

So far, SOL has already crossed ETH in the number of transactions done. Solana blockchain's large bandwidth and unmatched transaction speed make it really favorable for all uses including developers building platforms and exchanges on top of it.

The surge in Solana’s SOL token could keep continuing owing to its upcoming burning of tokens. Similar to Ethereum’s burning of tokens, this move could pump SOL prices even higher.

Solana Overtakes Dogecoin to Become Seventh-Largest Cryptocurrency

Solana SOL token overtakes Dogecoin (DOGE) to become the seventh-largest cryptocurrency by market cap on Tuesday amidst the growing DeFi and NFT market.

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

Solana Overtakes Dogecoin to Become Seventh-Largest Cryptocurrency

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