Solana (SOL) Hits $200, Surpasses BNB to Become Top 4 Coin by Market Cap
Solana (SOL) stands out as the most resilient coin in the current growth season, having officially crossed the $200 USD mark and overtaken BNB to become the 4th most valuable cryptocurrency. Memecoins within the Solana ecosystem are also seeing explosive growth.
Solana (SOL) Hits $200, Surpasses BNB to Become Top 4 Coin by Market Cap
Following a mild weekend correction, the cryptocurrency market on Monday morning, March 18, 2024 (Vietnam time), resumed its upward trajectory. Many coins continued to pump strongly, with Solana (SOL) being a prime example.
SOL's price has been on a steady rise in recent months, finally reaching the $200 USD milestone - a price level last seen in December 2021.
1D chart for the SOL/USDT pair on Binance at 11:50 AM on March 18, 2024
The crypto market is experiencing a bullish trend, with many coins flying high, but the community agrees that Solana is showing the most resilience this season.
Just about five months ago, in October 2023, SOL struggled below $20 USD. Today, it has multiplied tenfold without requiring any action from holders.
The price surge has also propelled Solana's market capitalization to approximately $90.2 billion USD, officially surpassing BNB to become the 4th most valuable coin in the market. Ahead of SOL are BTC, ETH, and the stablecoin USDT.
Top 10 cryptocurrencies ranked by market capitalization at 12:00 PM on March 18, 2024. Source: CoinGecko
BNB has seen significant growth thanks to Binance's strategic push. As reported by Coin68, Binance has recently launched multiple projects on its launchpool, launchpad, and listings to attract liquidity and drive user demand for holding BNB.
2024 Binance token listing schedule
BNB recently hit a temporary peak of $645 USD over the weekend, more than doubling from its low of $287.5 USD earlier this year.
1D chart for the BNB/USDT pair on Binance at 12:00 PM on March 18, 2024
However, this growth momentum pales in comparison to SOL's, leading BNB to reluctantly concede its position as the top 4 coin in the market.
Notably, the explosion of Solana-based memecoins cannot be ignored. Leading the pack is dogwifhat (WIF), which set a new all-time high after raising $650,000 USD to place its logo on the "Vegas block." WIF is currently the 4th most valuable memecoin, following DOGE, SHIB, and PEPE.
Top Solana-based memecoins at 12:00 PM on March 18, 2024. Source: CoinGecko
But Solana memecoins aren't just about WIF or BONK. BOOK OF MEME (BOME) made waves by being listed on Binance, both spot and futures, just two days after its launch.
However, readers should exercise caution when trading these memecoins. For instance, the price of BOME has adjusted since its listing on Binance.
