In a remarkable turn of events, Solana has outpaced Binance Coin (BNB) to claim the coveted fourth spot in the cryptocurrency market. As of the latest data, Solana boasts a market capitalization of $50 billion, edging past BNB, which stands at $40.6 billion. This achievement unfolds amid a broader surge in the crypto market, propelling SOL’s price to $119, reflecting an impressive 67.3% surge over the past seven days. Noteworthy is Solana’s dominance on Coinbase (NASDAQ:COIN), surpassing even stalwarts like Bitcoin and Ethereum in trading volumes.
Solana’s ascendancy is further underscored by a substantial surge in decentralized exchange (DEX) volumes, with a staggering 3,078% higher volume than Ethereum. This development positions Solana as a formidable player in the crypto landscape, showcasing its resilience and attractiveness to investors.
Meanwhile, Bitcoin has reached a historic milestone by surpassing 50 million addresses. This landmark not only signifies the increasing adoption of Bitcoin but also reinforces its standing as a legitimate asset class. With an average holding per Bitcoin user now at approximately $16,000, the implications for future price performance are considerable. The recent all-time high attained by Bitcoin underscores the unwavering confidence exhibited by both users and investors, portraying a bullish indicator of market strength and a robust foundation for future growth.
In a separate development, Shiba Inu has witnessed a notable shift in token distribution as more than eight trillion SHIB, equivalent to approximately $88 million, has been withdrawn from exchanges since November. This substantial movement reflects potential alterations in investor sentiment towards Shiba Inu. According to data provided by IntoTheBlock, a detailed analysis of transaction counts unveils diversified activity within the Shiba Inu trading community. Transactions ranging from $0.00 to $1.00 surged by 25.71% over a 30-day period, while larger transactions exceeding $1 million rose by an impressive 150%. Notably, the highest recorded transaction volume in a single week reached 15.34 trillion SHIB, amounting to $158.1 million, indicating active engagement from both retail and large-scale investors with SHIB.
