Solana surpasses BNB, claims fourth largest crypto by market cap

SOL’s market capitalization has outperformed BNB’s, claiming the fourth position among the top largest cryptocurrencies by market cap. According to live data from CoinMarketCap, Solana’s SOL has performed impressively in the last 24 hours, recording a gain of 15.41%.

Solana’s native digital asset SOL has claimed the fourth position among the top largest crypto projects by market cap. Binance Coin (BNB) initially held the position. However, SOL’s recent performance has flipped the exchange coin. 

SOL has surged by 15.28% in the last 24 hours

SOL’s price has surged by 15.28% in the last 24 hours and around 2% in the previous seven days. The asset currently retails at $184.30. At the time of writing, SOL’s market capitalization has risen to $86.7 million, and its 24-hour trading volume is standing at $6.5 million.

SOL’s recent performance has cast a shadow on Binance Coin (BNB), the native digital asset powering the Binance ecosystem. BNB is up 3.38% in the last 24 hours but down 4.45% in the last seven days. The asset’s market price is $575.82, and its market capitalization is $82.9 million. BNB’s 24-hour trading volume currently sits at $1.87 million.

CoinMarketCap’s crypto Fear and Greed index currently reads a neutral value of 54, despite Bitcoin claiming an all-time high price of $75,242. Solana also flipped BNB early this year despite undergoing a major network outage on February 6th.

Solana has recently registered increased on-chain activities. According to data from Blockworks Research, Solana’s real economic value, which equates to transaction fees and MEV tips, hit an all-time high of $11.09 million on October 24th, marking a four-day streak that started on October 20th. The figures have since declined to an average of $5 million in the last 5 days, which is still relatively high compared to the values preceding mid-October.

Solana outshines Ethereum in daily network fee generation

According to data from DeFiLlama, Solana also recently outperformed Ethereum in daily network fee generation. Solana’s surging fees were credited to increased activity on the platform’s leading decentralized exchange, Raydium, which yielded the platform over $3 million in 24 hours. Raydium has registered $2.42 million in fees collected from swaps in the last 24 hours.

Although DeFiLlama shows Ethereum has recovered its position above Solana, the latter still shows potential, and the difference between the two networks is a small margin. Ethereum claims the third position behind Tether and Circle stablecoin ecosystems, with $2.72 million in gas fees generated in the last 24 hours. 

Ethereum’s revenue in the last 24 hours stands at $1.81 million. Solana trails closely behind with $2.51 million in fees generated in the last 24 hours and $1.25 million in revenue generated in the same duration.

Solana’s liquid staking platform, Jito, has registered staking rewards worth $2.67 million and $107k in revenue in the last 24 hours, with a market cap of $288.4 million. On the other hand, Ethereum’s liquid staking platform, Lido, has generated $2.12 million in staking rewards and $211k in revenue in the last 24 hours, with a market cap of $936.68 million.