Solana has continued its robust push immediately as SOL has risen by one other 12%. Can the coin stick with it and flip Dogecoin (DOGE) in market cap?
Solana Has Proven A Fast Rise Throughout The Final Day
After slowing down earlier within the month, SOL has picked again up its rally prior to now week and has confirmed some robust momentum. At present has been no totally different, because the coin has continued to carry out properly.
On the time of writing, Solana is buying and selling round $26.3, up 12% within the final 24 hours. The under chart reveals the development within the worth of the cryptocurrency throughout the previous week.
Seems to be just like the asset's worth has loved a pointy rise in latest days | Supply: SOLUSD on TradingView
As you’ll be able to see within the above graph, Solana has seen a speedy improve over the last seven days, accumulating nearly 30% earnings within the interval. By way of month-to-month returns, nevertheless, SOL is just 3% up because the coin had spent plenty of the previous month consolidating or declining.
Nonetheless, the previous week ought to nonetheless be a fantastic signal for the buyers because it reveals the coin could lastly be returning to the shape that it kicked off the yr 2023 in.
SOL Is At the moment Simply Behind Dogecoin In Market Cap Checklist
Solana’s nice latest efficiency has meant that its standing within the wider cryptocurrency market has been enhancing and the coin is edging nearer in the direction of breaking into the highest ten cryptocurrencies primarily based on the market cap.
The following in line that SOL must flip, nevertheless, is the favored meme coin Dogecoin. Here’s a desk that shows the place these cash match into the larger image proper now:
SOL appears to have a market cap of virtually $10 billion for the time being | Supply: CoinMarketCap
It wasn’t really that way back that DOGE was sitting on the ninth spot on this record. Nonetheless, Polygon’s (MATIC) very robust energy relative to Dogecoin meant that it efficiently overtook and sped away from the meme coin.
Whereas Dogecoin hasn’t carried out badly this previous week, because it has nonetheless managed earnings of virtually 10% within the interval, its beneficial properties nonetheless haven’t been practically nearly as good as Polygon’s or Solana’s.
Up to now day alone, SOL has managed to shut in an honest quantity of the hole between it and DOGE, because the meme coin has solely moved sideways immediately, whereas SOL has exploded.
Nonetheless, a distinction of round $1.7 billion stays available in the market caps of the 2 cryptocurrencies, which means that it’s not going to be simple for Solana to dethrone Dogecoin from the tenth place.
One factor that may additionally play in DOGE’s favor is that Binance Good Chain (BSC) whales confirmed indicators of accumulation simply a few days again, as per whale tracker service WhaleStatsBSC.
JUST IN: $DOGE @dogecoin is again on prime 10 bought tokens amongst 500 largest #BSC whales within the final 24hrs 🐳
Peep the highest 100 whales right here: https://t.co/f4ZJg8SIWe
(and hodl $BBW to see knowledge for the highest 500!)#DOGE #whalestats #babywhale #BBW pic.twitter.com/j5vcTjBq7A
— WhaleStats – the highest 1000 BSC richlist (@WhaleStatsBSC) February 18, 2023
Nonetheless, if Solana can sustain its latest momentum and Dogecoin doesn’t instantly catch a pointy uptrend, then SOL ought to ultimately flip the meme coin.
Featured picture from GuerrillaBuzz Blockchain PR Company on Unsplash.com, chart from TradingView.com