(Decrypt) Solana hit a market cap of about $39.2 billion after a price surge of more than 300% over the past month, to claim the seventh position in the crypto rankings.
Solana closed the $100 mark for the first time this week on Monday, and is now at about $136 price, up from a low of $35 on August 1.
With the market cap, Solana is now above Dogecoin, which trails it with a $38.7 billion market cap. Dogecoin has risen only 46% in the last 30 days and is about 7.5% up over the past week.
Solana’s rise reflects the growing popularity of DeFi and NFT, with other altcoins also recording gains.
Solana is now seen as a close rival to Ethereum, which currently leads as a smart contract platform, but carries high gas fees and consumes a lot of energy. Solana is built on more energy efficient proof-of-stake protocols and offers high transaction speeds with low fees.
SOLUSD is up +8.03%.
