Solana (SOL) surpassed Cardano (ADA) and Tether (USDT) and became the fourth largest cryptocurrency by market cap.
As of now, the net worth of all SOL tokens in circulation is over $76 billion, behind Binance Coin (BNB), $109 billion, Ether’s (ETH) $540 billion and Bitcoin (BTC) $1.17 trillion.
meanwhile Cardano and Tether’s market capitalization is $66.39 billion and $74.42 billion respectively.
Solana’s market value has increased. Based on the rise of the SOL token, on Nov. 7, the SOL price broke above $262 for the first time in history. This is mainly due to the increase in the market. It was found that other leading cryptocurrencies were making similar profits.
Meanwhile, SOL has received additional positive signals from Solana in developing Web3 games through a venture capital venture, with Solana Ventures announcing Friday that it is joining FTX and Lightspeed Venture Partners in a $100 million investment in game studios and sectors. technology
Solana Ventures aims to attract developers of desktop and mobile video games. to build projects on their public blockchain So this increases the likelihood of higher SOL adoption, where this year’s rapid adoption growth helped SOL prices increase nearly 17500% YTD from $1.51 to $262.45.
Many speculators are beginning to see Solana as one of the most serious contenders for Ethereum, the leading smart contract platform that grapples with rising fees and network congestion.
For example, Solana claimthat the transaction can be processed 50,000-60,000 Transactions per second (tps) with an average transaction fee of $0.00025 in comparison to Ethereum that handles 15-30 tps transactions with a median transaction fee of between $4 and $21.
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