It seems that the popular meme crypto asset, Dogecoin (DOGE) is having a hard time keeping its prominence in the market. The meme coin has had quite the ups and downs and has now been surpassed by Solana (SOL) as the seventh-largest cryptocurrency.
The growth and significance of SOL have been in motion for quite some time. The value of the digital asset has multiplied over the last few weeks. There has also been an increase of 300% in Solana’s price, over the last month.
The top two crypto assets, BTC and ETH, have also seen some upward momentum with Bitcoin nearly touching the $50k region and Ethereum in the $3,800 price region.
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What to Know More About DOGE and SOL?
SOL is the native cryptocurrency of the Solana blockchain. There are reportedly around 400 projects being built on the network that include decentralized finance (DeFi) applications. This is one of many reasons why Solana has been seeing a surge in its price in the past couple of weeks.
Solana is also seen as Ethereum’s competitor and many people are starting to see SOL as a fitting alternative to ETH. Solana is a proof-of-stake blockchain that is more energy-efficient than Ethereum and offers faster transactions while charging low fees.
Dogecoin, on the other hand, has had a somewhat shifting performance lately. Even though the popular meme coin has seen an increase of 46% in its value over the last month, the price has only increased 7.5% in the last week.
DOGE has seen a price increase since the start of the year as it is now trading at $0.294 (at the time of writing).
However, SOL is currently trading at $138.45 (at the time of writing) and has a total market capitalization of $39.2 billion. While Dogecoin has a total market capitalization of $38.7 billion.
Here is a graph by CoinGecko that shows the gradual yet consistent surge in SOL’s price over the last month.
Can SOL Surge Higher?
Solana has made its mark on the crypto market by dethroning the well-known meme coin. This has not only been a surprise to many DOGE enthusiasts but it has also left them wondering what could be next for SOL.
One of the reasons for SOL’s price surge in the past few weeks is the growing activity of DeFi and NFTs. This is likely to boost the adoption of the digital asset by both developers and users.
However, whether SOL will rise higher through the ranks in the future or not, is uncertain speculation at the time.
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