Solana Reaches All-Time High by Passing Dogecoin and Surpassing $50 Billion Market Capitalization

Solana (SOL) has shaken the market cap charts with a phenomenal performance over the past 24 hours.

Solana (SOL) has been the best-performing cryptocurrency in terms of gains, right after FTX token (FFT) on Tuesday.

Solana (SOL) increased by 22.7% on Tuesday, surpassing the $50 billion market cap and tossing Dogecoin (DOGE) in 7th place at the time of publication.

Since a week from Tuesday, Solana (SOL) has incurred a remarkable gain of 58% and is currently trading at $174 ATH. After already passing Polkadot (DOT), Chainlink (LINK), and Uniswap (UNI), the next milestone is XRP that has $63 billion in market cap and gained 4% in the last 24 hours.

Solana has been gaining traction in recent months alongside Ethereum Layer 2 platforms. Crypto billionaire Sam Bankman-Fried backs Alameda Research and the FTX Exchange, and Solana respectively.

The surge of Solana (SOL) comes as a result of Sam Bankman-Fried announcing the launch of the NFT platform for US users by the FTX exchange. While the NFTs will be minted and traded in Solana and Ethereum, the deposits and withdrawals would follow in the coming weeks.

Alameda also invested in Arbitrum, which went live on mainnet at the beginning of September after raising $120 million in a round of funding.

Nikolaos Panigirtzoglou, JP Morgan Managing Director stated that the recent rally of NTFs and raised DeFi activity have encouraged cryptocurrencies other than Ethereum to launch smart contracts, including Cardano (ADA), Binance Coin (BNB), and Solana (SOL).

FTX token (FFT) is also performing spectacularly, by incurring a 73% surge last week and surpassing Solana (SOL). 

Also read: First Country in the World to Purchase BTC: President Bukele Confirms El Salvador 200 BTC Purchase