Surpassing Dogecoin as Top 7 Crypto
It’s safe to say that SOL has been among the best performers in the past few weeks with consecutive new records. The latest one, which came just a few hours ago, has helped the asset to surpass Dogecoin in terms of market capitalization.
Described as one of the fastest and rapidly growing blockchain platforms, Solana’s network has become a home for many of the most popular protocols today, including such from DeFi and NFT.
The explosion of both industries has impacted the use cases of the underlying blockchain, and, somewhat expectedly, its native cryptocurrency has gone through the roof.
Back on July 20th, SOL’s price had dipped to around $20. While most of the market has charted 50% to 100% gains since those lows, SOL has continuously outperformed almost all of them.
It took the cryptocurrency just two weeks to double its value against the dollar, but it only kept climbing after that. This resulted in breaking above $100 for the first time in late August.
While this was a whopping 400% increase in six weeks, SOL didn’t stop there. In the past 24 hours came the latest record – this time at above $140.
It means that SOL is up by 600% since July 20th. What’s even more impressive is the token’s surge since the start of the year.
It entered 2021 at around $1.5 – meaning that it has exploded by more than 9,000% YTD.
Aside from breaking above $140 for the first time, the latest record brought another significant milestone. SOL became the seventh-largest cryptocurrency by market cap (over $40 billion). Thus, it surpassed the popular meme token – Dogecoin.