According to data retrieved from FTX exchange, SOL, the native crypto of the Solana blockchain, is now ranked seventh on the list of the most valuable cryptocurrencies by market capitalization.
In doing so, Solana has displaced Dogecoin, a leading meme coin. Solana has seen an enormous increase in value during the last 30 days, rising over 300%.
On Tuesday, the price of SOL reached its highest level since August 1, when it rose from 35 cents to $136. Over the last 24 hours, the share price for Solana has climbed 23%, continuing its recent growth, and just recently passed the $100 threshold.
In contrast, Dogecoin’s performance of late has been more mixed. Its price has risen about 7.5% over the last week, but 46% over the last 30 days, according to FTX data.
As the wider crypto market recovered in late July, DOGE rose faster than some rival coins. However, it is historically volatile and tends to swing harder in either direction than coins like Bitcoin and Ethereum.
In terms of price growth, Dogecoin has increased from $0.0055 on January 1 to a price of over $0.29 today. Dogecoin’s price has risen 5,200% since May, although it’s still almost 60% below its peak price of $0.73. Dogecoin has a market cap of $38.7 billion, compared to $39.2 billion for Solana, as measured by the total number of coins multiplied by the current price.
The smart contract platform Solana is seen as a potential competitor to Ethereum, which is currently the top smart contract platform. These software contracts provide the backbone for decentralized applications (dapps), decentralized finance (DeFi) protocols, and NFT crypto-collectables alike.
Despite Ethereum’s leading position among smart contract blockchains, its network is often congested with activity, driving up gas fees for transactions, particularly amidst the current NFT boom.
