Solana Leapfrogs XRP as Fifth-Largest Crypto, Spurred by Meme Coin Mania
Solana (SOL) has become the fifth-largest cryptocurrency, reaching a market cap of $33.7 billion. This growth has been driven by the expanding decentralized finance (DeFi) ecosystem and the popularity of meme coins. The total value locked on Solana exceeded $1 billion for the first time since the FTX collapse in November 2021, due to rising asset prices and consistent inflows to DeFi protocols. Decentralized exchanges on Solana have seen increased trading volume, largely due to meme coins like Bonk. Traders often buy Solana before converting it into their chosen meme coin, which creates buying pressure for Solana. The blockchain has also improved its network stability and distanced itself from FTX following the exchange's collapse. SOL is currently trading at $81.04, with a 9.14% increase over the past 24 hours and a 39% increase in trading volume to $2.6 billion.
