Solana’s SOL token has flipped Binance’s BNB token to become the fourth-largest cryptocurrency by market capitalization.
The SOL token rose 7.56% in the 24 hours leading up to 1:50 pm UTC to trade at $112.52, overtaking the BNB coin. Solana’s $49.36 billion market cap is 1.74% larger than BNB’s $48.5 billion market capitalization, according to CoinMarketCap data.
Solana’s price surge occurred the same day the Crypto Fear and Greed Index hit its all-time high in Nov. 2021, when Bitcoin reached $69,000. The index’s spike came a day after Bitcoin surpassed $50,000 for the first time since Dec. 2021.
The SOL token managed to surpass the BNB despite the Solana network suffering an outage on Feb. 6. The on-chain approval of the Pyth DAO Constitution likely propelled the rally. This proposal aimed to ratify the Pyth DAO Constitution as the decision-making framework for the Pyth DAO, the decentralized autonomous organization (DAO) governing the Pyth Network.
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Despite Solana’s recent outage, the SOL token gained 19.99% in the past seven days. SOL is currently 57% lower than its all-time high of $260.06, recorded on Nov. 6, 2021.
Solana Mobile’s Chapter 2 smartphone reached 100,000 preorders on Feb. 12 in less than 30 days. In comparison, it took Solana almost a year to sell 20,000 of its first Solana Saga smartphones.
Following the milestone, the pre-order window for buying the new Solana phone for $450 will close on Feb. 14, Solana Mobile announced on its verified X (formerly Twitter) account. The smartphones will start shipping in early 2025.
The BNB token has been struggling to gain traction in the wake of Binance’s ongoing regulatory challenges. On Feb. 12, Binance founder Changpeng Zhao’s sentencing date was postponed from Feb. 23 to April 30. Zhao is currently out on a $175 million bond and is residing in the U.S.
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