Solana (SOL) Hits $100 Billion Market Cap Following US Election Surge
Solana (SOL) has reached a major milestone, touching a $100 billion market capitalization over the weekend. This surge came as the cryptocurrency market continued to rally following Donald Trump’s win in the US election. While several cryptocurrencies saw double-digit gains, Solana stood out as it achieved this impressive market cap milestone.
Solana Joins the $100 Billion Market Cap Club
The fourth-largest cryptocurrency, Solana, has officially joined the prestigious $100 billion market cap club. As of Sunday, November 10, the global crypto market cap had increased by 6.37% in the past 24 hours, reaching $2.75 trillion. This surge in Solana’s market cap has been attributed to the recent 25 basis points rate cut announced by the Federal Reserve after Trump’s election win.
Solana’s Price Surge and Market Growth
On Friday, November 7, Solana registered a market capitalization of $101.09 billion after a 7.96% gain in the previous 24 hours. This rally propelled Solana’s price to $214.06 on Sunday. Analysts had predicted that SOL would surpass the $200 mark, and the cryptocurrency exceeded those expectations, showcasing strong bullish momentum.
Solana: The “Ethereum Killer” and Meme Coin Frenzy
Known as the “Ethereum Killer,” Solana has been experiencing significant spikes in value, particularly in recent months. Much of this surge can be attributed to the platform’s involvement in the meme coin frenzy. Celebrities such as Andrew Tate, Caitlyn Jenner, Iggy Azalea, Davido, and Jason Derulo have shown interest in meme coins, further driving Solana’s popularity.
Solana-Based Platforms Experience Major Growth
- Raydium: Trading volume on Raydium, a Solana-based platform, soared to $30 billion in October.
- Pump.fun: This meme coin platform saw a surge in monthly revenue, reaching $30.5 million as user engagement rose across the Solana network.
Solana Network Reaches New Milestones
Solana’s network has also shown impressive growth. The number of unique addresses on the Solana network increased by more than 42% over the past month, reaching an all-time high of over 100 million. In comparison, the network had only 509,000 monthly active addresses at the start of the year, highlighting the incredible growth in user engagement.
Crypto Market Surge: Solana Among the Top Performers
Solana’s growth comes amid a broader crypto market rally. Ethereum surpassed the $3,200 mark, while Bitcoin traded above $80,000 over the weekend. Meme coins like Shiba Inu and Dogecoin also registered double-digit price increases, and Cardano and XRP witnessed significant gains as well.
Current Solana Price and Trading Volume
As of November 11, Solana is up 2.79% and trading at $210.95. Its trading volume has increased by 82%, reaching $8.88 billion, with a market capitalization of $99.59 billion, reflecting a 2.86% gain in the last 24 hours.
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