As the crypto market sustained its surge from Donald Trump's win in the US election, Solana (SOL) rose to touch $100 billion in market capitalization.
While other cryptocurrencies surged in double digits over the last week following Trump's win in the US election, SOL gained to achieve this market cap milestone.
The fourth largest cryptocurrency joined the $100 billion market cap club over the weekend as it rallied. As of Sunday, November 10, the crypto market's overall market cap increased by 6.37% in the past 24 hours. The market cap of the global crypto market reached $2.75 trillion on Sunday.
This major gain has been attributed to the 25 basis points rate cut announced by the Federal Reserve after Donald Trump won the US election.
On Friday, November 7, Solana registered $101.09 billion in market capitalisation after a 7.96% gain in the past 24 hours leading up to this. During this time, the value of SOL increased by 8.36%. This rally led to a price rise to $214.06 on Sunday. Before this, analysts were expecting that Solana would cross the $200 mark.
Known as the “Ethereum Killer”, Solana has been experiencing spikes in the last few months as it was at the centre of a meme coin frenzy. Various high-profile celebrities like Andrew Tate, Caitlyn Jenner, Iggy Azalea, Davido, Jason Derulo etc have shown interest in meme coins in recent months.
This was visible in how Solana-based meme coins platforms like Raydium and pump.fun showed extensive network growth and a surge in activity in recent months. While Raydium’s trading volume rose to $30 billion in October, the monthly revenue of Pump.fun reached $30.5 million, as user engagement increased across the Solana network.
The unique addresses in the SOL network also increased by more than 42% over the last month, reaching an all-time high of over $100 million. When compared with the Solana network’s monthly active addresses of 509,000 at the start of the year, this is a huge jump.
These improvements in Solana’s performance came at a time when the crypto market is gaining heavily with Ethereum and Bitcoin going above the $3,200 and $80,000 mark over the weekend while meme coins like Shiba Inu and Doge registering double-digit price rise. Cardano and XRP also witnessed significant gains.
At the time of writing, SOL was up 2.79% to trade at $210.95 on November 11 morning while its trading volume increased by 82% to reach $8.88 billion and market capitalization stood at $99.59 billion, gaining 2.86% in the last 24 hours.