Solana (SOL) Becomes the Sixth Largest Cryptocurrency by Market Cap

SOL’s latest price rally saw it climbing to sixth place on CoinMarketCap’s top 10 crypto assets by market capitalization as the token now eyes Cardano’s spot in the ranks.

Solana Continues Sustained Growth

The Solana (SOL) token posted over 21% gains in the last seven days to make it to 6th place on CoinMarketCap’s list of top 10 cryptocurrency tokens. 

The asset has grown significantly this year, outperforming all the other tokens that feature in the top 10 list this year. SOL posted nearly 609% in the last 90 days and over 10,189% over the last year. The current market capitalization of the token stands at $59.47 billion as per data from CoinMarketCap and is closing in on Cardano’s market cap of $70 billion, standing at 3rd place on the list.

“SOL applications continue to grow, this week two projects with a lot of VC backing raised capital (DeFi Protocol raised $4.2M and Gaming Platform – MonkeyBall Raised $3M), indicative growth and enthusiasm to build on Solana. [FTX] which has a large Solana-based NFT marketplace with lots of trading and demand recently raised $420 million at a $25 billion valuation,” stated Armando Aguilar, vice president of Digital Assets Strategy for Fundstrat Global Advisors, in an interview to Forbes.

Source: CoinMarketCap

Alongside the gains witnessed in the price of the SOL token, the growth of the entire Solana ecosystem also has been extremely rapid, thanks to various initiatives run by the team and its tight-knit community. 

As previously reported by Solana News, the Ignition Hackathon, the 4th edition of Solana’s virtual marathon, had over 5,000 projects that participated in the event. The final public voting for this event will close at 06:45 UTC on Oct. 23, as announced on the project’s official Twitter account. Vote here!

About Solana Labs

Solana Labs is the technology company behind the creation and maintenance of the Solana blockchain network and its ecosystem. The network currently has several prominent decentralized applications (dApps) building on it, taking the total value locked in DeFi protocols on the network to $12.66 billion, according to data from DeFiLlama.

Find about more about Solana here:

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