SOL has overtaken Dogecoin to become the seventh-largest cryptocurrency by market cap after crossing the $100 mark to reach $145 in value.
The native cryptocurrency of the Solana blockchain keeps experiencing exponential growth, rising by about 300% over the last 30 days, with a current market cap of $42 billion, exceeding the $38 billion mark set by Dogecoin.
SOL experienced a steady price climb and set new all-time high records repeatedly. For example, on August 1, the token set a record of $36 and then added $100 in value to seat at $136 and now $145.
In the last 24 hours, bitcoin is up by 1.76%, with a current price of $50,580.37 as at the time of writing this. Within 24 hours, bitcoin dropped to $48,358 low and $51,037.01 high. The trading volume of bitcoin in the last 24 hours is $1.35B. The current market capitalization of bitcoin is $951.14B. Currently, $18.80M bitcoins is in circulation.
The unprecedented growth in value SOL is currently experiencing can be linked to Solana’s newly launched non-fungible tokens (NFT) project, Degenerate Ape Academy, in mid-August.
Also, Solana’s ecosystem is increasingly adopted by developers and users because of its energy efficiency, speed, and low fees, unlike Ethereum, which is mostly congested and has a high gas fee due to the high rate of activities on the network.