Solana’s native SOL token continues its meteoric rise this 12 months because it traded close to $100 for the primary time in 20 months throughout the early buying and selling hours of Dec. 22, in line with CryptoSlate’s knowledge.
Nonetheless, the asset’s worth has since retraced to round $91 as of press time.
The upward worth motion liquidated roughly $20 million from crypto merchants speculating on the digital asset’s worth. Information from Coinglass confirmed skeptics betting towards additional SOL worth improve misplaced $12 million whereas lengthy merchants have been liquidated of round $8 million.
Over the previous 12 months, the worth of SOL has been progressively rising because of a number of notable occasions occurring in its ecosystem. Solana established vital partnerships with world monetary entities corresponding to Visa and Shopify. These collaborations leverage the blockchain community know-how to hurry up their cost processes.
Moreover that, the hype surrounding the Solana-based BONK memecoin and the resurgence of decentralized finance (DeFi) exercise on the sensible contract-enabled blockchain community has additional bolstered its latest progress.
SOL’s market cap briefly flips BNB
In the course of the reported interval, Solana briefly overtook the Binance-backed BNB token to develop into the fourth-largest cryptocurrency by market capitalization.
This transfer was harking back to how SOL’s market capitalization flipped that of Ripple’s XRP earlier within the week.
Information from CryptoSlate exhibits that SOL’s market capitalization reached $42.24 billion earlier than dropping to its present worth of $39.35 billion.
Nonetheless, BNB has since regained its place because the fourth-largest cryptocurrency by market capitalization, with a valuation of $41.2 billion.
The temporary flipping additional signifies the strong progress the community has seen this 12 months.
Solana’s Saga telephone
In the meantime, curiosity in Solana’s blockchain-enabled Saga smartphones has reached fevered heights because the community reported that it noticed an “overwhelming demand” for the gadget final week and could be unable to satisfy orders on account of an “stock administration situation.”
In a Dec. 22 post on X (previously Twitter), Solana Cell defined that:
“In working to satisfy orders, we realized of a listing administration situation with our third-party distributor that resulted in an inaccurate illustration of our stock. Given this, we’re sadly unable to satisfy orders that have been positioned after stock ran out. As well as, we canceled orders that have been flagged for suspicious exercise on account of extreme gadget orders or cost threat, as we work to get Saga within the fingers of as many customers as attainable.”
CryptoSlate beforehand reported that the smartphone had offered out because of the frenzy surrounding the Bonk memecoin.
