Solana Reclaims Number 10 Position on Top Crypto Ranking List
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Solana (SOL) is once again in the top 10 largest cryptocurrency asset rankings by capitalization, according to CoinMarketCap, despite the fact that it looked unachievable for at least another two months. Since MATIC, the native blockchain token of Polygon, took Solana’s position in the ranking and is the primary currency in Ethereum’s quickly expanding Layer-2 network, it looked impossible, but it didn’t turn out that way.
The cause, of course, is SOL’s significant price increase in 2023, with SOL leading the 100 largest crypto assets in terms of growth rate. While MATIC’s price jumped “only” by 28.9% in January, SOL’s price increased by about 140%.
Solana’s capitalization increased by over $4.7 billion since the start of 2023 compared to Polygon’s $1.85 billion, moving it up the rankings from 16th to the top 10.
Solana On-Chain Activity Picking Up Rapidly
Not only has the price of the Solana token increased to at least respectable levels, but so has network activity. Token Terminal claims that the number of daily active blockchain users has increased back to “pre-FTX” levels, which is above 150,000. The number and cost of fees increased concurrently, and validators’ earnings did too.
Meanwhile, according to Messari data, Solana’s active wallet has increased by more than three times since FTX crashed in November. Delphi Digital’s research also reveals that since the start of 2023, the total number of active wallets on Solana DEXs has increased by 83%.
Delphi Digital reports that, from almost 45,000 each day, there are now 83,000 active wallets on Solana.
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