Solana ($SOL) is making headlines with a strong rally, surpassing $180 and solidifying its position as one of the top players in the cryptocurrency world.
Recently, $SOL overtook Binance Coin (BNB) to claim the 4th spot in market capitalization, marking a significant milestone in Solana’s growth trajectory.
#Solana ($SOL) has overtaken #BNB to become the 4th largest cryptocurrency by market cap! 🚀 pic.twitter.com/M6Qe7kVMyB
— The Moon Show (@TheMoonCarl) November 6, 2024
The Solana DeFi ecosystem is experiencing an impressive revival. As of October, Solana’s Total Value Locked (TVL) has surged by an astounding 1,347% year-over-year, reaching $6.4 billion.
As the dust settles from today’s election, tomorrow Solana DeFi takes center stage!
Solana DeFi is back in action, with TVL up +1,347% YoY this October. How big could its lead grow?
Join leading pioneers—@solayer_labs , @jito_sol , and @MeteoraAG —as we share insights on DeFi’s… pic.twitter.com/8iR9T6Rk6j
— Zeus Network 🟧⛈️🟣 (EPOCH 1) (@ZeusNetworkHQ) November 6, 2024
This growth has been fueled in part by Raydium’s remarkable 28% price increase and the launch of Solayer’s sUSD, a yield-generating stablecoin, which is expected to attract more DeFi users to the network. With Solana processing 43 million daily transactions, the network’s scalability and speed are playing a crucial role in driving DeFi activity.
🚀 $SOL soars past $180!
DeFi TVL hits $6.4B as Raydium surges 28%. Solayer debuts yield-generating stablecoin sUSD, while network processes 43M daily transactions.
Read our full analysis 👇https://t.co/vzPX4n9IWS
— CoinMarketCap (@CoinMarketCap) November 6, 2024
Adding to the excitement, Solana’s memecoin market cap has hit an all-time high of $12 billion, rising nearly 30% within the last 24 hours. The growth reflects increased investor confidence and renewed interest in Solana’s ecosystem as a viable platform for decentralized applications.
🚨 BREAKING: The Total Market Cap of @Solana memecoins has surpassed $12 billion, up nearly 30% in the last 24 hours, a new all-time high. pic.twitter.com/osuB6XcMe7
— SolanaFloor (@SolanaFloor) November 6, 2024
Solana Hits Massive Milestones
October also saw Solana rank third in blockchain revenue, according to CryptoRank data, following closely behind other top chains. On October 24th, Solana achieved a record $2.5 million in daily revenue, outperforming other networks like Tron, which has been in decline since August. Ethereum and Base also showed notable revenue growth, but Solana’s daily revenue spike demonstrates its expanding influence in the blockchain space.
Top 15 Сhains by Revenue in October
While Tron continues to decline since Aug, @base and @ethereum show strong revenue growth. Meanwhile, @solana hit a record daily revenue of $2.5M on October 24th. pic.twitter.com/gs9Hp8DSJX
— CryptoRank.io (@CryptoRank_io) November 5, 2024
As Solana’s ecosystem continues to thrive, the network is well-positioned for further expansion, making it a key player in both DeFi and cryptocurrency markets as we look toward the future.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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