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Solana surge, overtakes Dogecoin to become 7th largest cryptocurrency

gaming platform Balthazar

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TL;DR

TL;DR Breakdown

  • Solana surge to becomes seventh largest crypto ousting Dogecoin to take the spot.
  • Dogecoin has also recorded remarkable gains in 2021.
  • SOL eyes spot in top five cryptocurrencies, ready to oust XRP and USDT.

SOL, the native cryptocurrency of Solana blockchain, has surged to new all-time-high levels. Solana surge has seen it beat Dogecoin to become the seventh-largest cryptocurrency by market capitalization.

The surge has seen it lead other large-cap cryptocurrencies like DOT, BCH, LTC, DOGE, among others.

The crypto’s next target is to oust XRP and USDT, which is in sight for it to get into the top 5 cryptocurrencies. Over the past 30 days, SOL has experienced a sharp surge in value, rising by close to 300 percent.

During that period, the Altcoin has been setting new all-time high prices and breaking them. Solana has gone from $35 per coin on August 1 to a new peak price above $136 set on Tuesday. Solana is now up 23% over the last 24 hours, continuing its propulsive rise.

Amidst Solana surge, Dogecoin sees passive price surge

Currently, it is safe to say that Dogecoin is not experiencing its best moments. The performance of the memcoin in the current bullish crypto market is passive.

Data from CoinMarketCap reveals that Dogecoin has seen a 46 percent price surge in the past 30 days but only up about 7.5 percent over last week.

However, the meme coin has risen faster than some other altcoins after the crypto market started finding its feet again in July. According to history, Dogecoin usually surge or decline harder than BTC or ETH in most cases.

Also, despite the poor price surge of Dogecoin and the drop it has suffered since the market crash, its price is still massively up compared to how it began the year. DOGE has surged from $0.0055 on January 1 to a current price above $0.29. That’s a 5,200% increase, although Dogecoin is 60% off its peak price of $0.73 set back in May.

Solana, after ousting DOGE, would be looking to break into the top five cryptocurrencies by market capitalization. To achieve that, it has to surge above XRP and USDT to become number five.

Solana’s market cap has risen to $41 billion, with Dogecoin’s market cap at $39 billion.

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Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.

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