Solana briefly surpassed BNB in market cap as SOL approaches $100

Solana’s native SOL token continues its meteoric rise this 12 months because it traded close to $100 for the primary time in 20 months throughout the early buying and selling hours of Dec. 22, in line with starcrypto’s knowledge.

Nonetheless, the asset’s worth has since retraced to round $91 as of press time.

The upward worth motion liquidated roughly $20 million from crypto merchants speculating on the digital asset’s worth. Knowledge from Coinglass confirmed skeptics betting in opposition to additional SOL worth improve misplaced $12 million whereas lengthy merchants have been liquidated of round $8 million.

Over the previous 12 months, the value of SOL has been step by step rising because of a number of notable occasions taking place in its ecosystem. Solana established important partnerships with international monetary entities resembling Visa and Shopify. These collaborations leverage the blockchain community expertise to hurry up their cost processes.

Apart from that, the hype surrounding the Solana-based BONK memecoin and the resurgence of decentralized finance (DeFi) exercise on the good contract-enabled blockchain community has additional bolstered its current development.

SOL’s market cap briefly flips BNB

Through the reported interval, Solana briefly overtook the Binance-backed BNB token to turn into the fourth-largest cryptocurrency by market capitalization.

This transfer was harking back to how SOL’s market capitalization flipped that of Ripple’s XRP earlier within the week.

Knowledge from starcrypto reveals that SOL’s market capitalization reached $42.24 billion earlier than dropping to its present worth of $39.35 billion.

Nonetheless, BNB has since regained its place because the fourth-largest cryptocurrency by market capitalization, with a valuation of $41.2 billion.

The temporary flipping additional signifies the strong development the community has seen this 12 months.

Solana’s Saga cellphone

In the meantime, curiosity in Solana’s blockchain-enabled Saga smartphones has reached fevered heights because the community reported that it noticed an “overwhelming demand” for the machine final week and could be unable to meet orders on account of an “stock administration problem.”

In a Dec. 22 put up on X (previously Twitter), Solana Cellular defined that:

“In working to meet orders, we discovered of a list administration problem with our third-party distributor that resulted in an inaccurate illustration of our stock. Given this, we’re sadly unable to meet orders that have been positioned after stock ran out. As well as, we canceled orders that have been flagged for suspicious exercise on account of extreme machine orders or cost danger, as we work to get Saga within the arms of as many customers as attainable.”

starcrypto beforehand reported that the smartphone had offered out because of the frenzy surrounding the Bonk memecoin.