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Solana's Value Dips Post-Christmas as BNB Reclaims Market Cap Position; Ethereum Gains Traction

Algoine News
Summary:
Following a 120% increase in December, Solana's value decreased post-Christmas, with Binance's BNB token reclaiming its position as the fourth largest cryptocurrency by market capitalization. SOL-based memecoins Bonk and Dogwifhat witnessed significant price movements but have fallen from their peak. Lastly, despite Solana briefly outdoing Ethereum in trading volumes, Ethereum's recent 5% gain stirs speculation of its potential outperformance of rivals.
The value of Solana (SOL) took a dip in the days that succeeded Christmas, following a notable increase of 120% within the month of December, an upsurge that put its market capitalization over and above that of Binance's BNB (BNB). Solana's price reduced to under $100, then stabilized for several hours just above $101, mimicking its price just before the holiday season. Currently, Solana trades at $105, which is approximately 14% lower than its annual peak of $123, achieved on Dec. 26, according to TradingView data. However, Binance's connected token BNB has experienced an unanticipated price surge of 9%, making BNB reclaim its rank as the fourth largest cryptocurrency according to market capitalization. Consequently, Solana has reverted to its pre-Christmas trading value around $100. Several SOL-based memecoins, such as Bonk (BONK) and Dogwifhat (WIF), have also seen significant price movements recently, having amplified by 650% and 123,000% respectively, between Nov. 22 and Dec. 22. Despite this, both memecoins have dropped more than 50% from their peak, commencing their collapse three days before Solana achieved its annual peak on Dec. 26. Simultaneously, the sizeable price gains of Solana accompanied increased trading activity on its network. The trading volumes of SOL-based decentralized exchanges (DEXs) even surpassed the volumes of Ethereum for the first time ever. However, the trading volume of Solana DEXs has dipped, and in the past 24 hours, it's estimated to be $1.1 billion, which is about half of Ethereum's $2 billion, as per DefiLlama data. Moreover, Ethereum has recently recorded a weekly gain of 5%, resulting in widespread speculation among traders and analysts that Ether (ETH) might soon outperform its market rivals.

Published At

12/29/2023 6:51:02 AM

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