Solana Flips Dogecoin To Become World’s 7th Largest Crypto: What’s Going On?

Solana (CRYPTO: SOL) has displaced Dogecoin (CRYPTO: DOGE) as the seventh-largest cryptocurrency by market cap as the latter’s relentless ascent continues.

What Happened: Solana now has a market capitalization of $40.05 billion, which is greater than DOGE’s market cap of $38.6 billion.

See Also: How To Buy Solana (SOL)

SOL hit a fresh all-time high of $139.82 minutes before press time. The DeFi and DApps focused project’s token has soared 7,467.06% since the year began. Comparatively, DOGE has risen 5,089.70% since January.

At press time, SOL had already charted its way up to $141.23, which is a gain of 24.33% over 24 hours. DOGE traded 2.38% lower at $0.30 in the same period.

Why It Matters: Solana was the second biggest 24-hour gainer as per CoinMarketCap data. Comparing DOGE’s performance with Solana for the week and a 30-day period shows that both coins have given impressive gains, but one has outrun the other.

See Also: Reese Witherspoon Buys Into Ethereum And Gets A Taste Of Crypto Twitter With Bitcoin, Dogecoin Backers Sending In Pitches

DOGE rose 50.35% in a 30-day window, while SOL rose 313.82% in the same period. In the last seven days, DOGE appreciated 8.6%, while SOL shot up 71.41%.

In order to get a better view of SOL’s appreciation, consider that the Sam Bankman-Fried cryptocurrency now enjoys a bigger market cap than Robinhood Markets Inc’s (NASDAQ:HOOD) $37.18 billion worth.

The surpassing of DOGE by SOL though left pseudonymous cryptocurrency analyst Pentoshi questioning the market on Twitter. 

In May, Solana’s co-founder and chief operating officer Raj Gakal told Benzinga that what sets the project apart from others like Ethereum 2.0, Polkadot (CRYPTO: DOT), and others is the ability to scale as “one global state, rather than relying on fragmented layer 2 systems or sharding to increase throughput.”

Will the Shiba Inu coin be able to chase SOL, only time will tell but some followers of Pentoshi can already see the need for a DOGE upgrade.

“#doge needs an upgrade to its chain so that it can do more like #NFTs … etc,” said a Twitter user.

Read Next: EXCLUSIVE: Dogecoin Creator Talks Foundation Revival, ‘Trademark Trolling,’ Value Added By Vitalik Buterin And Elon Musk Aide

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