The sixth largest cryptocurrency by market capitalization – Solana (SOL) – has been on a tear lately, with its price soaring from the start of Q4, 2023. Last weekend, it hit almost $75 (per CoinGecko’s data), a peak last witnessed in May 2022. In the following days, SOL slightly decreased to its current level of $71 due to the ongoing market correction.
Apart from experiencing a rapid price ascent, the asset also surpassed several of its rivals in terms of transaction volume and other metrics.
According to CryptoSlam, Solana non-fungible token (NFT) sales volume has marked a bigger increase on a weekly basis than Ethereum. The figure with the former has reached almost $68 million, 53% higher than the observed data a week before.
While Ethereum NFT sales volume for the past seven days stands at nearly $100 million, it actually represents a 5% drop for a week. Moreover, Solana briefly outpaced its rival on December 8 when it witnessed $16 million of such sales versus $11 million for the other blockchain protocol.
Solana’s BONK Stole the Show
Solana might have captured some investors’ attention, but its memecoin Bonk Inu (BONK) has undoubtedly taken center stage recently.
The token’s price has exploded by 400% on a monthly basis, hitting an all-time high on December 9. In addition, its market capitalization currently hovers around $800 million, positioning the asset as the 81st largest in the entire crypto realm.
BONK’s impressive rise could be attributed to Solana’s uptrend and the hype surrounding memecoins. However, some of the leading tokens of that type, such as Dogecoin (DOGE) and Shiba Inu (SHIB), have failed to catch up with Bonk Inu’s speed, registering more modest spikes as of late.
