Solana token grew by 24% overnight and surpassed Dogecoin by capitalization

Solana cryptocurrency went up almost 300% in the last month and its market value exceeded $40 billion
Solana token grew by 24% overnight and surpassed Dogecoin by capitalization

On Friday, September 3, Solana token took the seventh place in the list of the largest cryptocurrencies by capitalization, ahead of Dogecoin. Over the last 24 hours, the value of the altcoin increased by 24%, for the month – almost by 300%. The asset now has a market valuation of more than $40 billion with trading volumes of $6 billion, according to CoinGecko.

Solana has repeatedly renewed its historical high in value over the past month. On August 1, the altcoin traded at $35, on August 30 it exceeded $100 for the first time, and today it peaked at $140.

At the same time, Dogecoin has not shown the same dynamics in recent days. During the last week its value increased only by 7.5% against 85% growth at Solana. Dogecoin is now trading at $0.29, well below its all-time high of $0.73 set in early May.

Solana is considered an emerging competitor to Ethereum. Vitalik Buterin’s cryptocurrency is a leader among blockchains with smart contracts, but its network is often overloaded, resulting in higher transfer fees. Solana, however, offers faster and cheaper transactions. Altcoin’s price growth in the last month may be due to the high popularity of DeFi and NFT services.

At the same time, Solana lags far behind Ethereum in terms of network activity. DeFi protocols on Solana contain $3.6 billion in blocked cryptocurrency in its smart contracts, while Ethereum has $127 billion, according to the DeFi Lama service.

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The post was written by Crypto Expert John Belford

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