The sixth largest cryptocurrency Solana (SOL) has all chances to enter the Top 5.
Solana (SOL) is threatening to replace XRP among the world’s top five leading cryptocurrencies by market capitalization, driven by an increased surge of activities within the Solana ecosystem.
According to CoinMarketCap data, currently ranked as the sixth-largest token in the industry, SOL has the potential to surpass XRP’s market cap. At press time, SOL is trading around $76.91, with a market capitalization of $32,898,753,885, closely following XRP at $33,009,755,118.
SOL Could Reach New Highs of $80
Interest in the Solana ecosystem has surged recently as the industry regained momentum following the 2022 bear market. SOL’s price has maintained a consistent trading pattern since the beginning of the previous quarter and is on the brink of entering a consolidation phase.
Market experts believe that the price will sustain an upward consolidation trend until reaching new peaks at $80. However, there might be a slight retreat below key levels, testing around $65 after the potential surge. Upon entering the liquidity zone, a rebound is anticipated, potentially propelling the price to surpass $90 in the initial days of 2024, ultimately overtaking XRP.
BONK Flips PEPE and EOS
One of the contributing factors to the SOL price surge is the resurgence of dog-themed memecoins. A new memecoin project, BONK, built atop the Solana ecosystem, has recently gained attention from the crypto community.
This followed a successful distribution of an airdrop to users contributing to the launch of the protocol. Qualifying for the airdrop involved purchasing Solana’s mobile phone, Saga, leading to increased adoption of the smartphone despite initial poor sales.
BONK received support from major exchanges, including Binance and Coinbase, resulting in an astonishing 1,100% surge in the past month. This propelled the token to become the third-largest memecoin, surpassing the market cap of its major rival, Pepe.
Additionally, BONK achieved a remarkable feat of flipping EOS in market capitalization, further amplifying attention and driving the surge even higher.
XRP Demonstrates Resilience
In the face of increasing competition from Solana, XRP has showcased remarkable resilience within the market. Earlier this week, the crypto token briefly surpassed Binance Coin (BNB) in market capitalization, reaching an approximate value of $36.09 billion.
The token overtook BNB position as the fourth-largest cryptocurrency by market capitalization before shortly retracing back to its fifth position.This fleeting accomplishment highlights XRP’s consistent presence in the market, often overlooked in comparison to industry giants like Bitcoin (BTC) and Ethereum (ETH).
The distinctive position held by XRP is further amplified by its legal standing in the US, where it has been officially deemed a non-security following a pivotal court ruling. This legal classification sets XRP apart from numerous other digital tokens and could serve as a crucial factor influencing its market performance.