## ICO CRYPTO NEWS

- September 3, 2021
- Douglas Boaz
- Dogecoin

### Solana Beats Dogecoin to Become Seventh-Biggest Cryptocurrency

Solana is on a roll, surging more than 300% in the previous 30 days. The cryptocurrency has established an all-time high several times during the last week, surpassing top cryptos in terms of market cap. Now, it has beaten Dogecoin to become the seventh-largest cryptocurrency globally.

SOL is Solana network’s native token. According to CoinGecko, it has grabbed the seventh spot on the top crypto list. The crypto beat Dogecoin in market cap to secure the place after rising from 35 dollars per coin to 136 dollars. Solana is currently trading +23% in the previous 24 hours.

The cryptocurrency crossed the 100 dollar mark for the first time on Monday and reached 136 dollar price on Tuesday. While the crypto sector has been performing better, only a few competitors have matched Solana’s growth.

Dogecoin, the former seventh-largest cryptocurrency, has been experiencing a mixed performance lately. While its price has surged 46% in the previous 30 days, it is only 7.5% up since the last week. DOGE surged quicker than many cryptocurrencies during the rebound in late July. However, the cryptocurrency is known for volatility, fluctuating extremely compared to Ethereum and Bitcoin.

However, traders should note that DOGE is still up by 5,200% in 2021. The cryptocurrency entered the year at 0.0055 dollars and is currently trading around 0.29 dollars. Still, it is trading 60% below its all-time high of 0.73 dollars set in May 2021.

Solana currently holds 39.2 billion dollars in market cap, whereas DOGE is closely behind 38.7 billion dollars. But when it comes to use-cases, Solana is seen as Ethereum’s rival in the smart contract operations domain. Despite the substantial head start Ethereum has over Solana, it is congested with numerous projects.

Although Ethereum is trying to improve its operations with new updates, Solana was designed to be an efficient network using the PoS consensus. With growing NFT and DeFi activity, the community has started seeing Solana as the upcoming development and adoption hub.

Currently, Solana holds 3.6 billion dollars locked in smart contracts while ETH-based DeFi protocols pack 126 billion dollars worth of assets. While the difference is vast, Solana has the potential to score higher numbers.

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