Solana’s market cap overtakes BNB, secures 4th position

Solana’s SOL token has flipped Binance’s BNB token to become the fourth-largest cryptocurrency by market capitalization.

The SOL token rose 7.56% in the 24 hours leading up to 1:50 pm UTC to trade at $112.52, overtaking the BNB coin. Solana’s $49.36 billion market cap is 1.74% larger than BNB’s $48.5 billion market capitalization, according to CoinMarketCap data.

Solana’s market cap overtakes BNB, secures 4th position

Solana’s price surge occurred the same day the Crypto Fear and Greed Index hit its all-time high in Nov. 2021, when Bitcoin reached $69,000. The index’s spike came a day after Bitcoin surpassed $50,000 for the first time since Dec. 2021.

The SOL token managed to surpass the BNB despite the Solana network suffering an outage on Feb. 6. The on-chain approval of the Pyth DAO Constitution likely propelled the rally. This proposal aimed to ratify the Pyth DAO Constitution as the decision-making framework for the Pyth DAO, which is the decentralized autonomous organization (DAO) governing the Pyth Network.

Solana’s market cap overtakes BNB, secures 4th position

This is a developing story, and further information will be added as it becomes available.

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2024-02-13 17:53