Solana Beats the Market Cap of Dogecoin

Solana (SOL) touched an all-time high of $138 on Friday after the cryptocurrency jumped by more than 20% within the last 24 hours. According to Coinmarketcap, the total market cap of Solana currently stands at around $40 billion.

SOL is now more valuable than cryptocurrency Dogecoin (DOGE). The world’s 7th largest digital asset is now chasing the market cap of XRP which currently stands at around $59 billion. Solana is now more valuable than several other digital currencies including DOT, LINK, BCH and LTC.

“Solana is continuing its breakout independently from the rest of the mostly flat crypto market landscape today. Hitting yet another all-time high, we can see that its long-term development activity is also on an upward trajectory,” Santiment commented.

Solana remained the best-performing digital asset among the top 10 this year with substantial gains. SOL started 2021 at a price level of approximately $1.5. The latest surge in SOL is mainly driven by strong retail and institutional demand. The overall trading activity and the adoption of Solana have increased sharply in the last 8 months.

Solana’s Institutional Inflows

The latest digital asset fund flows report by CoinShares indicates that the institutional interest in SOL has jumped significantly in the last few weeks. SOL investment products attracted $2.7 million worth of institutional inflows last week. Solana has overtaken the total assets under management related to Bitcoin Cash (BCH).

Solana now accounts for nearly 2% of the total crypto market cap. The overall market cap of digital currencies has jumped by more than $1 trillion in the last 6 weeks. At the time of writing, the total market cap of digital currencies stands at $2.2 trillion, compared to $1.2 trillion during the last week of July 2021. Due to the latest surge in Ethereum, Cardano, XRP and Solana, the crypto market dominance of Bitcoin, the world’s most valuable digital currency, has decreased sharply. BTC now has a market dominance of 41.5%, which is its lowest level since July 2021.