Solana flips Ripple’s XRP in market cap, SOL up 9%

Solana claimed the fifth spot among crypto’s top 10 tokens by market cap following an airdrop frenzy, memecoin mania, and smartphone saga. 

Layer 1 blockchain Solana (SOL) became a top five cryptocurrency after flipping Ripple’s XRP token in terms of market capitalization. On Dec. 20, the price of SOL gained over 8% and exceeded $80, a new high in 2023. Its market cap also stood above $34 billion for the first time since April 2022. 

Only Binance’s BNB, Tether’s USDT, Ethereum, and Bitcoin boasted larger market caps at press time.

Solana surges

Solana has enjoyed increased on-chain activity in recent months, rallying in token price along with the broader crypto ecosystem and even outclassing larger blockchains like Ethereum in decentralized exchange (DEX) trading volume. 

In 24 hours, Solana DEX volume crossed $1.26 billion compared to Ethereum’s $1.17 billion, according to DefiLlama. 

SOL’s blockchain garnered attention due to airdrops like Jito, which rewarded some users with five-figure sums and memecoin mania led by the likes of Bonk (BONK), a canine-themed crypto that rose to the third largest meme token behind Shiba Inu (SHIB) and Dogecoin (DOGE).

Solana is also making headlines thanks to its Saga mobile phone, although one tech critic called it “the worst smartphone of 2023”. Despite the scathing review, Saga’s market price soared as high as $5,000 per unit at a point, a massive increase from its original $600 price tag. 

The device commanded a hefty sum after users discovered free BONK tokens airdropped to owners, with more airdrops seemingly lined up for the widely expected 2024 bull market cycle. SOL participants are reportedly looking toward Jupiter’s airdrop, confirmed for January.