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Solana Overtakes Dogecoin To Become 7th Largest
On the 3rd, Solana officially surpassed Dogecoin’s market cap and became the 7th largest crypto. Recently, this crypto has been on a serious rise, which recent system upgrades triggered. The trending project looks like it’s heading for $150 soon and will most likely displace XRP in a few weeks.
Solana On The Rise
Solana is officially the seventh-largest cryptocurrency. This event occurred on Friday Morning when Solana surpassed Dogecoin, the 7th largest asset at the time. The Sol market price at the time was just about $132.77, while the market cap shot to $38.7 billion.
Sol has been bullish in the past few weeks. Also, it seems like it will continue to be bullish for some time. It’s currently trading at $145, and there are speculations that it could hit $150 soon. This coin gained over 77% in value since seven days ago and over 27% in just the past 24 hours.
Solana attracted more inflows than other top assets, including Eth, Dot, and ADA. One thing making Solana grow at this fast rate is the recent upgrades. Essentially, the upgrades make it possible for the Solana network to host DApps. The upgrade led to increasing trust and confidence in the coin, thus the high trading volumes.
Dogecoin Gains at a Slower Pace
Dogecoin has also been gaining recently. For instance, according to CMC, Doge gained around 7% in the past seven days. However, the rate of Doge’s growth is not at all comparable to Solana. Solana doubled in prices in merely three weeks.
Development in Doge contributes to the rising values. For instance, the network recently recreated the Dogecoin Foundation and added Vitalik Buterin and Elon Musk as board members.
Those developments contributed to the coin’s price spike. Experts already predict that Doge could hit $1 soon. However, Dogecoin does not still have a use case. Of course, that makes investors skeptical of their investments, fearing losses.
Next Step For Solana
At the current pace, SOL is most likely going to displace more coins in the top 6. The most immediate one is XRP and Tether. However, to stand a chance of displacing XRP, Solana must gain about 44% more in value to hit $210.