Solana Challenges BNB for 4th Crypto Spot

BNB vs. Solana: Recent Market Performance

BNB has experienced a slight decline over the past week, with a marginal increase of 0.8% over the last 30 days. In contrast, Solana’s price surged by 25% in the same period, surpassing the $188 mark.

• Solana’s market cap briefly reached $86 billion, making it the 4th largest cryptocurrency.
• Currently, Solana’s market cap is $84,681,670,021.
• BNB’s market cap stands at $85,352,143,589.

Solana Price Movement and Market Reactions

Solana has seen a 3% price surge in the last 24 hours, despite a 33% decrease in its 24-hour trading volume, which now stands at $2.26 billion. As of the latest update, SOL is trading at an average price of $182.07.

According to data from Coinglass, over $5 million in long and short positions related to Solana were liquidated within the last 24 hours. Notably, approximately $4.5 million worth of short bets (84%) were liquidated, with the largest single short liquidation amounting to $560,000 at $186.

BNB’s Recent Performance

BNB has faced some turbulence in the second quarter, with its price dipping by 2.25% over the past 90 days. Despite this, BNB has seen an impressive 88% increase year-to-date (YTD). It is currently trading at an average price of $584, with a market cap of $85.3 billion.

Potential Solana ETF: What’s Next?

With the recent launch of a spot Ethereum exchange-traded fund (ETF), investors are keenly awaiting the next cryptocurrency to enter the ETF space. Asset management giant VanEck has hinted at a potential spot Solana ETF. VanEck has noted a significant interest in Solana at their Bitcoin booth, and they had filed for a SOL ETF in June, suggesting that liquidity issues may not hinder SEC approval.

Solana-Based Meme Tokens: A Record Surge

Solana-based meme tokens have seen unprecedented growth, bolstering the SOL ecosystem. Key highlights include:

• Dogwifhat’s price skyrocketed by 1600%.
• BONK surged by 118% YTD.
• WIF experienced a 22% increase over the last 30 days.

Currently, dogwifhat is trading at an average price of $2.59 with a market cap of $2.5 billion, while BONK holds a market cap of over $2 billion.

Ripple’s XRP: A Strong Contender

Among the top 50 cryptocurrencies, Ripple’s XRP has outperformed Solana, showing a 27% increase in the past 30 days. Despite this, XRP is still down by 2% YTD, trading at an average price of $0.59.