Dogecoin Swept By Avalanche, And Solana Surpasses Binance's Native Token To Claim 4th Largest Market Cap
Portfolio Pulse from Mehab Qureshi
Avalanche (AVAX) and Solana (SOL) have surpassed Dogecoin (DOGE) and Binance Coin (BNB) in market capitalization. AVAX's market cap reached $17 billion, while SOL's market cap hit $41 billion, making it the fourth largest cryptocurrency. The increase is attributed to lower transaction fees and faster speeds compared to Ethereum (ETH), leading to more activity on the AVAX and SOL networks. The total value locked on Solana has also recovered to $1.79 billion since the FTX collapse.
December 22, 2023 | 4:23 am
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POSITIVE IMPACT
Avalanche (AVAX) has surpassed Dogecoin in market cap, reaching $17 billion after a 16% surge. Its lower transaction fees and faster speeds compared to Ethereum are attracting more users and activity.
The surge in AVAX's price and its overtaking of Dogecoin in market cap is a strong positive signal. The increased network activity and competitive advantages over Ethereum are likely to continue supporting its price in the short term.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
Solana (SOL) has become the fourth largest cryptocurrency with a market cap of $41 billion, surpassing Binance Coin. Its transaction costs and speed outperform Ethereum, and its TVL has surpassed $1 billion.
Solana's significant market cap milestone and its recovery in TVL to $1.79 billion are indicative of strong investor confidence and network growth, which could positively influence its price in the short term.
CONFIDENCE 85
IMPORTANCE 85
RELEVANCE 90
NEGATIVE IMPACT
Binance Coin (BNB) has been surpassed by Solana in market cap, which may reflect on its competitive position in the market.
BNB losing its position to Solana could indicate a relative decrease in investor interest or network activity compared to SOL, potentially leading to a negative price impact in the short term.
CONFIDENCE 75
IMPORTANCE 65
RELEVANCE 70
NEGATIVE IMPACT
Dogecoin (DOGE) has been surpassed by Avalanche in market cap, with DOGE now trading at $0.093. The competition from AVAX and SOL may impact its position.
Dogecoin being overtaken by Avalanche suggests a shift in investor preference towards cryptos with more utility and efficiency, which could negatively affect DOGE's price in the short term.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80