Solana has continued its strong push today as SOL has risen by another 12%. Can the coin keep it up and flip Dogecoin (DOGE) in market cap?
Solana Has Shown A Rapid Rise During The Last Day
After slowing down earlier in the month, SOL has picked back up its rally in the past week and has showed some strong momentum. Today has been no different, as the coin has continued to perform well.
At the time of writing, Solana is trading around $26.3, up 12% in the last 24 hours. The below chart shows the trend in the price of the cryptocurrency during the past week.
Looks like the asset's value has enjoyed a sharp rise in recent days | Source: SOLUSD on TradingView
As you can see in the above graph, Solana has seen a rapid increase during the last seven days, accumulating almost 30% profits in the period. In terms of monthly returns, however, SOL is only 3% up as the coin had spent a lot of the past month consolidating or declining.
Nonetheless, the past week should still be a great sign for the investors as it shows the coin may finally be returning to the form that it kicked off the year 2023 in.
SOL Is Currently Just Behind Dogecoin In Market Cap List
Solana’s great recent performance has meant that its standing in the wider cryptocurrency market has been improving and the coin is edging closer towards breaking into the top ten cryptocurrencies based on the market cap.
The next in line that SOL will have to flip, however, is the popular meme coin Dogecoin. Here is a table that displays where these coins fit into the bigger picture right now:
SOL seems to have a market cap of almost $10 billion at the moment | Source: CoinMarketCap
It wasn’t actually that long ago that DOGE was sitting on the ninth spot in this list. However, Polygon’s (MATIC) very strong strength relative to Dogecoin meant that it successfully overtook and sped away from the meme coin.
While Dogecoin hasn’t performed badly this past week, as it has still managed profits of almost 10% in the period, its gains still haven’t been nearly as good as Polygon’s or Solana’s.
In the past day alone, SOL has managed to close in a decent amount of the gap between it and DOGE, as the meme coin has only moved sideways today, while SOL has exploded.
Still, a difference of around $1.7 billion remains in the market caps of the two cryptocurrencies, meaning that it’s not going to be easy for Solana to dethrone Dogecoin from the tenth position.
One thing that can also play in DOGE’s favor is that Binance Smart Chain (BSC) whales showed signs of accumulation just a couple of days back, as per whale tracker service WhaleStatsBSC.
JUST IN: $DOGE @dogecoin is back on top 10 purchased tokens among 500 biggest #BSC whales in the last 24hrs 🐳
Peep the top 100 whales here: https://t.co/f4ZJg8SIWe
(and hodl $BBW to see data for the top 500!)#DOGE #whalestats #babywhale #BBW pic.twitter.com/j5vcTjBq7A
— WhaleStats – the top 1000 BSC richlist (@WhaleStatsBSC) February 18, 2023
Nonetheless, if Solana can keep up its recent momentum and Dogecoin doesn’t suddenly catch a sharp uptrend, then SOL should eventually flip the meme coin.
Featured image from GuerrillaBuzz Blockchain PR Agency on Unsplash.com, chart from TradingView.com