Solana Overtakes Dogecoin to Become 7th Largest Cryptocurrency

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Solana continued to rise with the power of NFT and DeFi platforms, overtaking Dogecoin. Ranking 7th, Solana’s next rival is Ripple (XRP).

 

Solana blockchain’s own cryptocurrency, SOL, continues to rise. Leading the way among the best performing cryptocurrencies in the market, SOL surpassed Dogecoin in the total market volume with its latest rise and ranked 7th.

Solana continues to rise in recent weeks. Solana, which has gained 350% value in the last 1 month, was priced at $ 30 a month ago, but now it has seen the levels of $ 145. In this process, he constantly renewed his historical summit records. SOL, which fell to $100 levels yesterday, has gained 40% in just the last 24 hours. After the great decline of Bitcoin to $ 30,000 in May, Solana also fell to $ 20 levels.

On the other hand, Dogecoin continues its unstable performance lately. Compared to its current situation 1 month ago, Dogecoin has increased by 50% from 20 cents to 30 cents. Dogecoin experienced a rapid increase from 20 cents and reached 35 cents on August 15. However, with the decline it experienced, it retreated again and returned to today’s 30 cent levels.

Dogecoin is very open to both upward and downward price movements due to the trust problems experienced by its investors. Although it is a cryptocurrency supported and owned by Elon Musk, investors have questions about the added value provided by Dogecoin. However, Dogecoin embarked on a new journey to explore its meaning with a new developer team and a team of famous consultants to address these question marks. Therefore, Dogecoin may soon meet investors with a solid project and infrastructure. The joke coin in the minds of investors can get itself into an important position by getting rid of frivolous definitions such as meme coin.

Solana is seen by many as the biggest competitor of Ethereum after Cardano. Ethereum is currently the clear leader in the value-added aspects of cryptocurrencies such as smart contracts, decentralized applications, and NFT collections. Still, Solana argues that the blockchain is better than Ethereum, showing that it is poised to replace Ethereum. However, Solana still seems to have a long way to go before she can make it happen. By developing its decentralized finance platforms and perhaps inviting NFT artists to its platforms, it can soon bring its position to better positions.

Solana’s recent positive price action is attributed to improved DeFi and NFT activity. Still, the amount locked in Solana’s DeFi protocols through smart contracts is around $3.6 billion. Ethereum-based DeFi protocols, on the other hand, have $126 billion worth of locked assets.

Solana also has an infrastructure that provides more energy efficiency compared to Ethereum with the proof-of-stake (PoS) mechanism it has adopted. And it also offers the capacity to process transactions faster and with lower commission fees than Ethereum.

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