In the midst of the NFT craze, Solana has surpassed Dogecoin.

SOL's meteoric rise saw the cryptocurrency's market capitalization climb to $43 billion, overtaking Dogecoin to become the world's seventh largest token.


Solana (SOL) is now up about 8,000 percent year-to-date, outperforming BTC and ETH.

Solana's surprise increase can undoubtedly be ascribed to the recovery of the broader crypto market; nonetheless, the now seventh-largest cryptocurrency is up 70.86 percent in the last week, whilst Bitcoin (BTC) and Ethereum (ETH) are up 1.44 percent and 20.79 percent, respectively. Other variables, most notably the return of the non-fungible token (NFT) market, are likely to have contributed to Solana's surprising growth.

While NFTs were all the rage earlier this year, interest in the space waned as Bitcoin and Ethereum fell by more than half in May and June. Monthly sales volume decreased from $520 million to as low as $59 million in the same time period, according to data from NonRarible.com, a drop of over 80%.

However, as celebrities and famous athletes shine a light on the "metaverse," the NFT area is resurgent and breaking records. The entire trade volume in August was $3 billion, about 1000 percent higher than July's $325 million.

So it's no surprise that when Solana announced NFT project Degenerate Ape Academy, its price tripled, paving the way for future NFT ventures to build on SOL's blockchain. Solarian, Sollamas, Solania, and Solana Monkey Business are among the 36 unique projects now available.

“On the back of strong mindshare growth, a flurry of decentralized application launches, and, most recently, the frenzy around their Kaiju cards NFT launch, Solana's popularity has seen unprecedented price action,” said Jehan Chu, co-founder and managing partner at blockchain trading firm Kenetic Capital.

The ever-expanding ecosystem of Solana is prospering. Investors have praised its scalability and low transaction fees (in comparison to Ether). It remains to be seen, though, whether the Bitcoin can maintain its current gains.

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