Solana (SOL) Flips XRP As It Tops Ethereum In 24-Hr DEX Volume

Solana's surge propels it to surpass XRP while achieving a milestone by leading Ethereum in 24-hour DEX volume.

In a compelling twist of events, Solana ( SOL ) has soared to become the 5th top cryptocurrency by market capitalization, surpassing XRP on December 20. Over recent weeks, the bullish momentum in SOL ’s price has propelled it into the spotlight, posing a challenge to XRP’s position amidst choppy market conditions.

Catalyst Behind The Surge
Meanwhile, this surge is intricately linked to the rising popularity of the meme coin, BONK, flourishing on the Solana blockchain. So, let’s take a look into the factors behind Solana’s recent ascent and its price performance.

Here’s Why Solana Poses Challenge On XRP
The meteoric rise of Solana in the crypto hierarchy finds its roots in the success of the meme coin, BONK. Over the past weeks, the BONK price has experienced a remarkable surge, marking a substantial 80% increase in its weekly price.

Meanwhile, the catalyst for this surge lies in the meme coin’s recent listings on major exchanges, including Binance and Coinbase. The support from these global platforms has catapulted $BONK into mainstream recognition, contributing significantly to Solana’s market cap ascent.

In addition, Solana’s recent milestone of surpassing Ethereum’s 24-hour decentralized exchange (DEX) volume marks a pivotal moment in its journey. Solana’s proof-of-stake (PoS) blockchain has outperformed Ethereum’s chain for the first time since its launch in 2020.

This achievement is attributed to several factors, including a surge in Solana Mobile purchases, substantial trading volumes associated with $BONK, and a prevailing bullish sentiment within the Solana ecosystem. As Solana continues to disrupt the crypto landscape, the industry eagerly watches its trajectory in the coming days.