As a seasoned analyst with over two decades of experience in the financial markets, I’ve witnessed the rise and fall of numerous contenders vying for the top spots. The latest entrant to catch my eye is Solana, currently on track to join the coveted “$100 billion club.
As reported by Bitwise CEO Hunter Horsley, Solana is heading towards becoming a member of the exclusive group known as the “$100 billion club.
Currently, the market value of the fourth-largest digital currency is approximately $96.8 billion. Over the last day, its value has increased by about 1.3%.
This year, Solana was at the heart of a meme coin craze. As per figures from Dune Analytics and Pump.fun, a meme coin manufacturing platform built on Solana, recorded transactions worth approximately $1.9 billion over the last fortnight. Furthermore, this prominent issuer has collected over 1.1 million SOL in fees. Over 3.1 million tokens have now been minted on this highly successful platform.
Although it’s known for its meme popularity, Solana is also seeing increased acceptance from institutions in the United States. As reported by U.Today, there are multiple proposals to launch a Solana Exchange Traded Fund (ETF) in the U.S., with the first proposal coming from New York-based investment giant VanEck at the end of June.
The $100 billion club
Currently, Bitcoin, Ethereum, and Tether (USDT) are the three cryptocurrencies that carry a market capitalization above the $100 billion mark.
According to U.Today’s report, Bitcoin has just outranked tech titan Meta in terms of market capitalization due to a recent significant price increase.
In simple terms, it’s looking likely that Solana (SOL) could soon become a member of an exclusive club, just like BNB did back in November 2021 when it surpassed $100 billion. If the current market trend persists, both BNB and Solana might reach this significant milestone together again.
XRP is a digital currency similar to others like Bitcoin and Ethereum, but it had a market value of $100 billion at one point. This milestone was reached in January 2018. Today, its value stands at around $28.9 billion, which suggests that it probably won’t regain the elite status it once held for some time.
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2024-11-10 14:37