After the unstoppable rally, Solana finally becomes the 7th largest cryptocurrency flipping Dogecoin. SOL that is coined as the Ethereum killer, came to the limelight because of its cheap and fast transactions. It still continues to rise as the price of Bitcoin has neared $50k again. I think it was a well-deserved spot for Solana; after all, Doge doesn’t do anything except make people laugh. I don’t think that SOL is stopping here. Depending on the rally that follows, we could soon see it in the top 5 list or even top 3.
Solana’s growth in the last month
Solana has more than quadrupled in the last month. The price of the currency is $134 at the time of writing this, and on 3rd August, it closed at $34.10. This massive rise in value came after all its perks have started to get noticed by crypto enthusiasts. No other token in the market supports faster transactions than Solana, and the best part is the incredibly low fees that won’t even be noticeable to most users.
While crypto markets recovered, most fundamentally, good coins saw an immediate jump in price. While tokens like ADA, LUNA, SOLANA and others made all-time highs, larger tokens like ETH and BTC have almost reached their previous ATH. But unlike them, meme coins like Doge, Shiba Inu, and others are still not seeing adequate growth. And this is why the brief bear market has left them and their investors in turmoil. I am also expecting other good tokens to take over Doge as the markets recover and people invest in better tokens.
Can Solana beat Ethereum?
Considering it’s the fastest cryptocurrency with a very cheap transaction rate, I can envision it beating Ethereum. But in the short term, it is very unlikely. The market cap of ETH is significantly higher than SOL right now, and it has to do more than 10x from here on, with ETH staying put, to become larger. But in the long run, as more people invest in the token and its usage increases, we could see it beat ETH.
What are your thoughts on Solana as it becomes the 7th largest cryptocurrency with a market cap of $38.88B? And do you think it could beat ETH in the long run? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
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