Solana Surpasses $100 Billion in Market Capitalization

For the first time, Solana (SOL) has crossed the $100 billion mark in market capitalization. As a result, it has become the fourth most valuable cryptocurrency in terms of market cap, setting a new record.

Solana surpasses $100 billion in market capitalization

On Monday, November 11, the market cap reached $102.42 billion, with the cryptocurrency’s price hitting $216.08 on the same day, marking significant growth. According to CoinMarketCap, the cryptocurrency market as a whole has shown resilience, with total market capitalization growing by 6.37% to reach $2.75 trillion.

Key drivers behind the recent crypto boom include Donald Trump’s victory in the U.S. presidential election and a 25 basis-point interest rate cut by the Federal Reserve.

As a result, Bitcoin also set a new record, reaching $82,000 on November 11, while Ethereum surpassed $3,200.

According to CoinMarketCap, Solana’s recent success is also linked to the proliferation of meme coins on its network. The decentralized exchange has benefited from the popularity of these coins and the launch of the Pump.fun launchpad, which significantly lowered the barrier to creating tokens.

To put it into perspective, the Solana network accounted for 90.6% of all tokens launched during the week of October 21. Additionally, transaction volumes hit $30 billion.

The network’s adoption has been remarkable, with a 42% increase in unique addresses, surpassing 100 million.

According to Binance’s October monthly report, growing interest in Solana has also led to a substantial increase in its Total Value Locked (TVL).

Author
Recent Posts

Madeline

I have been drawn to technology and science fiction since I was a child. Studying IT has drawn me to the world of cryptocurrencies, where I have been working since 2014. I have learned a lot since then. And I still have a lot to learn. What fascinates me most about them is that they connect so many worlds together and the possibility of free choice. Without limits.