Last Updated on November 11, 2023 by Bitfinsider
The seventh largest digital asset is booming so much that it is on the verge of eclipsing USDC in terms of market capitalization. The market valuation of the dollar-pegged stablecoin is currently $23.9 billion. Meanwhile, SOL’s market valuation has increased by more than $3 billion since yesterday, and it is now valued at $21 billion, according to CoinGecko.
SOL was trading at $50.61 at the time of writing, up roughly 9% in the previous 24 hours. It has increased by 24% in the last week.
SOL was recently rocked by the failure of the FTX megabrand exchange and its connected enterprises. FTX was a significant investor in SOL and even established a marketplace for Solana NFTs.
When FTX declared bankruptcy last November, the price of SOL fell precipitously.
However, since then, companies such as Visa and e-commerce site Shopify have elected to use the Solana blockchain, which is said to be faster and cheaper than competitors such as Ethereum’s.
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