Solana Market Cap Replaces BNB as 4th Largest Crypto
14 Feb, 2024 ● Coin news
Solana's SOL token has surpassed Binance's BNB token to claim the position of the fourth-largest cryptocurrency by market capitalization.
In the 24 hours leading up to 1:50 pm UTC, SOL surged by 7.56% to reach $112.52, outpacing BNB.
Based on CoinMarketCap data, SOL's market capitalization of $49.36 billion is 1.74% larger than BNB's $48.5 billion.
This increase in SOL's price occurred on the same day that the Crypto Fear and Greed Index reached its highest level since November 2021 when Bitcoin hit $69,000.
The index's spike followed Bitcoin's crossing of the $50,000 mark for the first time since December 2021.
Despite experiencing an outage on February 6, the Solana network managed to surpass BNB.
The rally was likely driven by the on-chain approval of the Pyth DAO Constitution, which aimed to establish the Pyth DAO Constitution as the governing framework for the Pyth Network's decentralized autonomous organization.
Despite the recent outage, SOL has seen a 19.99% increase in the past seven days and currently sits 57% below its all-time high of $260.06 reached on November 6, 2021.
On February 12, Solana Mobile's Chapter 2 smartphone garnered 100,000 preorders in less than 30 days, a significant milestone.
By comparison, it took Solana nearly a year to sell 20,000 of its initial Solana Saga smartphones.
Following this achievement, Solana Mobile announced on X that the preorder window for purchasing the new Solana phone for $450 would close on February 14.
Shipments of the smartphones are scheduled to commence in early 2025.
Meanwhile, BNB has been encountering difficulties in gaining traction amid Binance's ongoing regulatory issues.
On February 12, the sentencing date for Binance founder Changpeng Zhao was postponed from February 23 to April 30. Zhao, currently released on a $175 million bond, is residing in the United States.
Sources:
https://cointelegraph.com/news/solana-flips-binance-bnb-fourth-largest-cryptocurrency
https://twitter.com/solanamobile/status/1757042126716592568
