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Public blockchain Solana reached a new high in market capitalization in the evening of September 20th, reaching $35.3 billion, surpassing the market capitalization of Ripple (XRP) and becoming the fifth-largest cryptocurrency. It closely follows the market capitalization of Binance (BNB), the largest cryptocurrency exchange in the world, which stands at $39.99 billion.
(Previous summary:
Solana surges, re-examining the staking market: The four-horse carriage drives liquidity)
(Background:
Messari analyst reveals holdings: Solana is an investment consensus, AI token, and DePIN are popular)
After experiencing the bankruptcy of the cryptocurrency exchange FTX, Solana, a veteran public blockchain, finally made a strong comeback. Its market capitalization reached a new high in nearly 20 months on September 20th, reaching $35.3 billion. It surpassed Ripple (XRP) with a market capitalization of $33.7 billion, crowning it as the fifth-largest cryptocurrency. It seems to be just a step away from the market capitalization of $40 billion of Binance (BNB), the largest cryptocurrency exchange in the world.
Top six cryptocurrencies. Source: CoinGecko
In addition, Solana’s Total Value Locked (TVL) also surpassed $1 billion this week, reaching a new high since the bankruptcy of FTX last year. The price of SOL has surged by 11.6% in the past 24 hours and is currently trading at $82.26.
Source: CoinGecko
Reasons for Solana’s surge
We know that Solana had a close relationship with the bankrupt cryptocurrency exchange FTX. However, after FTX and its founder SBF collapsed due to allegations of fraud in November last year, Solana’s token price also plummeted, reaching a low of around $10, which was less than 4% of its all-time high.
Further reading:
Solana suffers heavy losses: TVL falls below $1 billion, OpenSea removes popular NFT; Mango hacker transfers millions of USDC to FTX
However, with the recovery of the cryptocurrency market in the second half of this year, Solana not only gradually overcame the negative impact of FTX’s bankruptcy but also unleashed new vitality in the continuous development of its ecosystem. The following are the main factors that have driven Solana’s token price surge recently:
We know that the second-largest cryptocurrency, Ethereum (ETH), has over 7,000 nodes, while Solana has less than 3,000. However, Ethereum’s mainnet TPS is only between 12 and 15, while Solana claims to have 65,000 TPS. Its daily operations also range between 2,500 and 3,000. This has led to Solana being almost the only Layer1 public blockchain that can withstand artificial DDOS attacks in the recent wave of Bitcoin ecosystem frenzy.
Solana’s mobile phone Saga collaborates with the ecosystem Meme token Bonk, allowing users to claim up to 30 million Bonk meme tokens in the Bonk App using the Saga Genesis Token obtained when starting the Saga mobile phone. Currently, the equivalent value of Bonk tokens has surged to over $750, surpassing the official price of Solana Saga mobile phone at $599. If users still hold these tokens, it can truly be said that they have made a profitable purchase.
GPU computing network Render Network announced its move from the public chain Polygon to Solana, demonstrating the importance of Solana to projects like DePIN (decentralized physical infrastructure network). In addition, the recent popularity of Mobile has met the demand for large-scale hardware deployment with Solana’s advantages in synchronization speed.
What is Solana’s ecosystem?
Solana’s current ecosystem development is thriving, and many believe that Solana’s token price will continue to surge in the future, even rivaling Ethereum. The following are the projects in Solana’s ecosystem:
DeFi (Decentralized Finance): Decentralized lending protocol Marginfi; liquidity staking platform Jito; oracle Pyth Network
NFT (Non-Fungible Tokens): Decentralized NFT trading market Magic Eden; NFT series Mad Lads
DePIN (Decentralized Physical Infrastructure Network): Decentralized wireless network Helium; GPU computing network Render Network
Payments: Payment giant Visa; stablecoin USDC
RWA (Real-World Assets): Blockchain infrastructure provider Maple Finance
GameFi (Blockchain Games): AAA-grade NFT game Star Atlas
Hardware & Meme: Smartphone Sage & meme token Bonk
Wallets: Backpack; Atomic Wallet; Exodus; Phantom Wallet
Further reading:
Solana’s explosive ecosystem? Recent popular projects summarized
Related Reports
Solana aggregator Jupiter’s first round airdrop of “1 billion JUP”! Initial OTC price at $0.23
Interview with Backpack founder: Completely different from FTX’s technical structure, Solana is attractive enough to attract talent
Poor sales of Solana mobile phones! Only sold 2,200 units, less than the expected 10%
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Solana market capitalization
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