Solana Defies FUD to Reclaim $10B Cap, Overtaking ADA and DOGE

The proof-of-stake (PoS) blockchain project Solana (SOL) appears to be waxing stronger despite the repeated rounds of FUDs and panic calls against it. According to data from market tracker CoinMarketCap, Solana has outranked its top contenders, Cardano (ADA) and Dogecoin (DOGE), to become the seventh biggest crypto by valuation.

Solana, Cardano, and Dogecoin ranking | CoinMarketCap

Notably, Solana’s seventh spot on the ranking implies a three-step movement upward from position ten, which it ranked precisely a month ago. At the time, SOL had a market of below $7.8 billion.

However, CoinMarketCap data suggests that Solana’s market valuation is now worth above $10 billion, leaving behind Cardano and Dogecoin as they both failed to get past their $8 billion cap position.

Furthermore, Solana’s seven-day cumulative performance is up significantly by nearly 13%. In contrast, ADA and DOGE barely saw any substantial uptick. Instead, Cardano declined by 1.05%.

Over the past day, crypto traders bought and sold $428,331,480 worth of SOL, although it represents an 8% drop in the figure observed in the previous 24 hours. Meanwhile, market participants traded $113 million and $112 million in ADA and DOGE. interestingly, these figures imply the sum of ADA and DOGE’s 24-hour trading volume barely equates to 50% of the volume traded for Solana.

In September, messages of FUD spread wild about Solana amid FTX’s move to liquidate over $3 billion in crypto assets to repay customer debts. Given FTX’s Solana portfolio worth nearly $1 billion, some crypto enthusiasts argued SOL would be heading to $14 from its price of $23. While the FUD impacted the digital asset as it fell to $18.83, SOL has recovered to above $24.

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