This rise was triggered by Donald Trump’s critical election victory and the Fed’s interest rate cut move. Dogecoin, on the other hand, attracted attention with its huge price increase in recent weeks, leaving Ripple’s XRP behind.
Solana Hits $212 for the First Time Since 2021$SOL
Solana has surpassed its March-April highs, reaching $212 for the first time since its 2021 bull market high. SOL, which is up 34% for the week, outpaced Bitcoin’s 18% move and the broader market index’s 27% rise. SOL’s all-time high is $260; its current price of $214 is about 20% above that level.
The gains this week make SOL one of only four cryptocurrencies with a market cap exceeding $100 billion. Solana joins this prestigious club, along with Bitcoin, Ethereum (ETH), and Tether (USDT). Additionally, rumors of a “flippening” (change in market value) have returned to the crypto community. This time, it’s the claims that Solana could one day surpass Ethereum’s (ETH) market cap. Ethereum currently trades with a market cap of around $389 billion.
Solana has made a significant recovery since the collapse of FTX and Alameda Research in 2022. These firms were the biggest supporters of Solana’s growing smart contract platform. However, over time, the Solana chain has become the ecosystem of choice for individual crypto users. It has also managed to become the center of the meme coin craze. Julien Bittel of Global Macro Investor notes that Solana’s new milestone has broader implications for the crypto market.
Dogecoin (DOGE) Continues Its Remarkable Rise$DOGE
Meme coin Dogecoin (DOGE) has attracted attention with its extraordinary price increase in recent days. Currently trading at $0.28, DOGE has seen a massive 88% increase in the last seven days. This increase has caused Dogecoin to close the gap with Ripple (XRP) in market value and overtake XRP. DOGE’s market value currently exceeds $42 billion, surpassing XRP’s $37 billion valuation.
The current value of Dogecoin marks its highest level since December 2021. With a 25% increase in the last 24 hours, DOGE has once again put in a remarkable performance. On November 6, DOGE surpassed XRP in market value, moving into seventh place. Donald Trump’s victory in the 2024 US elections triggered a double-digit increase in DOGE’s value, which took DOGE to $0.211.
However, after this rally, profit taking kicked in and XRP quickly regained its former position, pushing DOGE back down the rankings. However, with the renewed demand for the meme coin, DOGE soon rose back to seventh place and overtook XRP.
As a result, the rapid rise of Dogecoin and Solana has created a wave of excitement in the cryptocurrency market. Both cryptocurrencies have attracted the attention of investors, and it is eagerly awaited whether this rise, shaped by market dynamics and macroeconomic developments, will continue.
