Solana Surges Again, Increased by 12%: All Eyes on Dogecoin as the Market Cap Flips
The latest update on the Solana coin has said that the surge has continued. Today, it witnessed an all-time high as it pushed up by 12%. This has spiked an argument among both analysts and some major industry players. Some Doge enthusiasts also wondered if this development can flip DOGE market capitalization. The latest development is happening after a month of slow performance.
The impressive comeback of the SOL was witnessed lasted a week, and has never stopped ever since. What happened in the early hours of today is no surprise, but the only difference is the fact that it moved by 12% in the past 24 hours. As of the time of reporting this, the price of Solana is $26.3.
From the movement shown on a chart released by TradingView, the Solana has witnessed a sharp increase in the last 24 hours but has made a significant one in the past 24 hours. Some traders interviewed during this report say that they’d accumulated at least a 30% gain since the major increase started during the week. Another trader contacted said that before now, they are used to gaining from the 3% monthly surge in the price of SOL.
Some Analytical Explanation of the Event
Analysts who commented on this event said that this week’s performance is a good omen and that the coin will perform well during the rest of the week. From the previous statement gathered from their comments, it looks like the investors are having a field day with the sudden positive performance of the coin. Experts have also predicted that this experience may lead to the coin ascending to a higher level in days to come.
On the other hand, even with this tremendous increase, and the type that came with it, investigations disclosed that Solana’s market capitalization is still way below Dogecoin. It was also discovered that this latest development caused the market capitalization of this coin to surpass that of most 10 crypto companies. Even with being below Dogecoin in terms of market capitalization, there have been speculations that it may likely break out of its current status.
Comparing SOL and DOGE Market Caps
As of the time of this report, SOL’s market capitalization is about $10 billion. Investigations also found out that DOGE had once been in this category sometime later last year, ranking 9th on the list. It was also said that should any market cap be coming any closer to that of Dodge, that would be MATIC. While DODGE is still doing great in its capacity, closing the past week with a favorable profit margin, traders say they’d made as much as 10% throughout those days.
But the same cannot be said about MATRIC despite the solid market capitalization. But not like the MATRIC is doing badly for itself either. It has been named among the top-performing cryptocurrencies two weeks before now. It was gathered that in the last few days, the price of SOLANA has slowly closed up on a positive note, far above the DOGE. It is rather ironic how the DOGE coin has gone way down below the SOL, while the SOL itself has exploded.
Experts believe that even with the impressive performance of SOL in the market cap, it will take a long while to catch up with the DOGE. They also disclosed that the performance of BSC may favor DOGE in the long run. In a news report from WhaleStatsBSC, it was said this is because some of the BSC whales have started making moves to accumulate more assets.
News coming from that quarter also says that the SOL may keep up with its new momentum for some time. And they had predicted that DOGE may increase afterward, but not in quick succession. But one thing is certain about this latest development: neither SOL nor DOGE will be losing market value any soon.
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