Over the past 24 hours, the Solana (SOL) cryptocurrency has become the fourth largest cryptocurrency in terms of market capitalization, a significant achievement after a gap of more than two years. SOL's market capitalization has surpassed $41.8 billion and the cryptocurrency's current value is over $95, marking an 18% increase in a day.
Solana last ranked fourth in November 2021. Back then, during the peak of the bull market, the market capitalization reached $75 billion, but still remained below BNB's capitalization of $108 billion.
However, by the end of 2022, Solana (SOL)'s value had dropped to just under $10, mainly due to its association with the defunct #FTX exchange and former crypto billionaire #Sam Bankman-Fried. However, Solana (SOL) grew to nearly $100 within a year, making it one of the most successful crypto stocks of the year.
It's also worth noting that the number of searches for Solana has increased significantly and nearly equaled searches for Ethereum in the U.S., according to Google Trends.
On December 21, the Solana team made a significant update to its protocol, which improved the performance and scalability of the network. This was one of the reasons for the growing popularity and price of the Solana cryptocurrency. In addition, Solana has received support from major investors and partners such as FTX, #Alameda Research and #Serum.
Overall, Solana's success reflects the growing interest in blockchain platforms that can deliver high performance and low fees. Solana offers scalability of up to 65,000 transactions per second and commissions of less than $0.01, making it attractive to developers and users.
Interesting observation: #Arthur Hayes, co-founder of #BitMEX, changed his investment strategy by switching from Solana (SOL) to Ethereum (ETH). This unexpected decision was announced on platform X and Hays attributed it to a "divine message" he claims to have received during a meditation.
Fam ... I have a confession to make.
— Arthur Hayes (@CryptoHayes) December 22, 2023
I received a msg from the Lord while meditating. He said dump that Sam coin POS, and profess your love for Archangel Vitalik.
So I dumped $SOL, and bot more $ETH.$ETH = $5,000
In addition, Hayes made a bold prediction that the price of #Ethereum could reach $5,000. Despite Solana's recent success, reaching certain milestones and rising to nearly $100, Xays decided to exit the asset and increase his investment in Ethereum.
