Solana’s SOL token continues its rapid ascent to the top of cryptocurrency after it overtook XRP, becoming the sixth-largest cryptocurrency by market cap.
After rising 30.04% in 24 hours, Solana’s market cap is $61,566,973,518 at the time of writing, compared to XRP’s $52,538,070,331.
This comes less than a week after Solana jumped ahead of Dogecoin to take the seventh-place spot.
Solana’s Rise Continues As Interest Grows
Since September 8, XRP’s market cap has fluctuated between the $50-53bn mark. Solana started September 8 at just over $50bn – still feeling the effect of Tuesday’s crash.
At around 6 PM UTC, Solana broke past the $52bn market cap, overtaking XRP’s market cap to sit Rank #6 on CoinMarketCap, where it has remained since.
In the past seven days, SOL's price has risen by 81.14%. SOL currently costs $210.17. Aside from USDC’s 0.05% increase, it is the only coin in the top 10 to see an overall price increase since last week.
The stablecoin Tether ranks fifth by market cap, with a current cap of $68,576,428,855.
Solana’s growth in the last month comes amid further interest in its DeFi ecosystem from large investors and retail traders.
Its NFT system has similarly seen a boom with the release of the Degenerate Ape Academy NFTs in mid-August. As Ethereum gas fees remain high, the network received praise for its low transaction fees and lack of congestion.
Explaining Solana’s rise, its co-founder Raj Gokal also noted the speed and execution as driving factors.