Solana (SOL) Surpasses Binance Coin (BNB) to Secure Fourth Position by Market Capitalization

SOL has recently experienced a 14% increase, which has enabled it to surpass BNB. This represents an emerging market momentum of Solana.

Solana (SOL) has secured the fourth position among the largest cryptocurrencies by market capitalization, surpassing Binance Coin (BNB).

Solana’s recent 14% surge has enabled it to achieve this milestone. This surge highlights Solana’s gathering momentum in the market.

According to Coingecko, Solana’s market capitalization now stands at over $87 billion, while Binance Coin trails behind at nearly $84 billion.

This disparity showcases Solana’s increasing appeal among investors, evident in its rapid ascent in the rankings.

Solana’s latest achievement has sparked interest among crypto enthusiasts and analysts, leading them to question whether this marks a new era for the network.

Despite Binance Coin’s 4% increase during the same period, Solana’s quick recovery and strong community support have outshined its competitor.

Active participation and complete on-chain data have fueled Solana’s price increase, aside from its market size.

The network just achieved a historic first: 123 million active monthly addresses in October, a 40% surge from September.

The latest figures indicate a continuous rise in active addresses, demonstrating participation and trust in Solana’s promise.

According to Blockworks Research’s real-time economic activity reports, transaction fees and MEV tips recently reached a new all-time-high of $11 million on October 24th.

Despite a recent decline, these values have remained significantly higher than past ones.

The increased usage and engagement, particularly from regular users and small-scale transactions, highlight the dynamic nature of Solana’s ecosystem and its ability to engage both daily players and large-scale entities.

Solana’s rally has also been fueled by the integration of memecoins within its network, which has attracted more users and boosted trading volume.

Solana’s memecoin generator, Pump.fun, and the decentralized exchange, Raydium, have both garnered immense attention.

According to a report by Blockworks, Pump.fun generated $30 million in revenue from October, while Raydium’s trading volume surpassed $30 billion.

Memecoins have played a crucial role in Solana’s recent surge in a unique way.

As more users join to trade or generate meme-based tokens on Solana, it has contributed to the platform’s growth.

The arrival of these niche segments has amplified the buzz surrounding Solana, showcasing its adaptability as a blockchain that can accommodate both mainstream and unconventional projects.

Solana’s growth is not solely driven by price and volume of token transactions.

According to a Messari research, the Solana decentralized finance ecosystem is expanding, with total value locked (TVL) reaching $5.