On the 3rd, Solana officially surpassed the market capitalization of Dogecoin and became the seventh largest cryptocurrency. Recently, the cryptocurrency has seen a serious increase caused by recent system updates. Solana appears to be heading to $ 150 soon and will most likely replace XRP in a few weeks.
Solana on the rise
Solana is officially the seventh largest cryptocurrency. This happened on Friday morning when Solana outperformed Dogecoin, the seventh largest asset at the time. Sol’s market price at the time was just $ 132.77, while its market cap soared to $ 38.7 billion.
Sol has been bullish for the past few weeks and it looks like it will continue to be bullish for some time. It is currently trading at $ 145 and it is speculated that it could hit $ 150 soon. This coin has gained more than 77% in value from seven days ago and more than 27% in the last 24 hours.
Solana attracted more inflows compared to other major assets, including Eth, Dot and ADA. One thing that keeps Solana growing at this rapid rate is the recent updates. Essentially, the updates allow the Solana network to host Dapps. update led to increased confidence and trust in the currency, hence the high trading volumes.
Dogecoin makes money at a slower rate
Dogecoin was also gaining recently. For example, according to CMC, Doge has gained about 7% in the last seven days. However, Doge’s growth rate is in no way comparable to Solana’s. Solana doubled its prices in just three weeks.
Development at Doge contributes to the growth of values. For example, the network recently recreated the Dogecoin Foundation and added Vitalik Buterin and Elon Musk as board members.
se developments have contributed to the increase in the price of the coin. Experts already predict that Doge could hit $ 1 soon, however Dogecoin doesn’t have a use case yet. Of course, this makes investors skeptical of their investments, fearing losses.
Solana’s next step
At the current rate, SOL is very likely to replace more coins in the first 6. most immediate is XRP and Tether. However, to have a chance to replace XRP, Solana has to earn roughly 44% more in value to reach $ 210.
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