03 Sep 2021 11:24 AM +00:00

Solana Overtakes Dogecoin In Rise To 7th Largest Cryptocurrency

Solana (SOL) passed Dogecoin (DOGE) on Friday to become the seventh-largest cryptocurrency by market cap, with a current total value of $41,293,847,394 (via CoinMarketCap).

This comes after Solana’s meteoric price rise over the last week. Solana’s price has increased by 71.80% in the past seven days – up 22.90% in 24 hours. It currently sits at $142.68.

Dogecoin, the meme-based cryptocurrency that inspired countless other Shiba Inu cryptocurrencies, fell by 1.21% to $0.2983. At the time of writing, it has a market cap of $39,112,326,304.

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Solana Disrupts The Top Crypto Rankings

Solana first broke into the top 10 cryptocurrencies in mid-August, around the same time Cardano moved into third place.

It now sits behind sixth-place XRP, which has a $59.576 billion market cap.

The SOL token first breached the $100 mark on August 30, spurred on by excitement around Solana Ignition, which turned out to be a hackathon.

Prior to its August growth, Solana’s previous high came in May 2021, when it peaked at $55.91. At the start of the year, SOL's price was $1.5386

Solana's mainnet and SOL token first launched in March 2020. Former Qualcomm engineers Anatoly Yakovenko and Greg Fitzgerald first created the project through Solana Labs, before shifting the project to the Solana Foundation.

The network boasts a transaction speed of up to 50,000 transactions per second, thanks to its hybrid consensus algorithm. This algorithm combines proof-of-stake with Solana’s proof-of-history protocol to increase the network scaling.

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Given its transaction speed, smart contract/DApps implementation, and its surge into the echelons of cryptocurrency, Solana is among several cryptocurrencies touted as the ‘Ethereum killer’.

Read More: Ethereum 2.0 Release Date: When does ETH2 launch?

[Featured Image by Solana]