In a compelling twist of events, Solana (SOL) has soared to become the 5th top cryptocurrency by market capitalization, surpassing XRP on December 20. Over recent weeks, the bullish momentum in SOL’s price has propelled it into the spotlight, posing a challenge to XRP’s position amidst choppy market conditions.
Meanwhile, this surge is intricately linked to the rising popularity of the meme coin, BONK, flourishing on the Solana blockchain. So, let’s take a look into the factors behind Solana’s recent ascent and its price performance.
Here’s Why Solana Poses Challenge On XRP
The meteoric rise of Solana in the crypto hierarchy finds its roots in the success of the meme coin, BONK. Over the past weeks, the BONK price has experienced a remarkable surge, marking a substantial 80% increase in its weekly price.
Meanwhile, the catalyst for this surge lies in the meme coin’s recent listings on major exchanges, including Binance and Coinbase. The support from these global platforms h
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