Driven by the MEME token, Solana has surpassed XRP to become the fifth largest cryptocurrency by market capitalization.

Data shows that Solana (SOL) has replaced XRP as the fifth largest cryptocurrency by market capitalization, reaching a value of $35.1 billion, a 20-month high. This week, driven by rising asset prices and continuous inflows into DeFi protocols, Solana's total locked-in value (TVL) exceeded $1 billion for the first time since FTX crashed in November last year.

Trading volume on Solana's DEX has increased. On December 15th, Orca's trading volume reached $746 million, having only previously surpassed $100 million before November. Much of this increase in activity can be attributed to MEME tokens such as Bonk which currently have a market cap exceeding $1.2 billion.

The current trading price of SOL is $82.56 with a 24-hour increase of 11.8%.