Solana (SOL) Flips BNB But These Altcoins Are Outperforming

Solana’s market capitalization has topped $90 billion following a 10% gain on the day for SOL. This has driven token prices to just below $205, the highest level since December 2021.

Furthermore, SOL has gained a whopping 45% over the past seven days as altcoins start to move in the wake of Bitcoin’s retreat from all-time highs last week.

The big move enabled SOL to flip BNB for the fourth spot in the market cap charts, as the Binance token lost 1.5% on the day, falling to $571 at the time of writing. BNB’s market cap was $88 billion at the time of writing, ranking it fifth.

sol just flipped bnb again, balance is being restored pic.twitter.com/9ByOlFITH8

— Bluntz (@Bluntz_Capital) March 17, 2024

Memecoin Degens

Solana activity is primarily being driven by a meme coin craze as degens aped into the Book of Meme (BOME) token.

The meme coin spiked 31,000% in two days, hitting a peak price of $0.026 on March 16 before beginning its retreat.

However, as has been the case before, the Solana network became congested , resulting in transactions failing.

Other metrics for Solana are bullish, including its DeFi total value locked, which has just exceeded $4 billion, according to DeFiLlama. The figure has surged 193% since the beginning of the year, however, the price of SOL has influenced it a lot.

Other Altcoins Surging

Solana’s gains are impressive, but a handful of other altcoins are doing even better this Monday morning.

Avalanche (AVAX) has surged a whopping 17.5% over the past 24 hours to reach its highest price since May 2022. At the time of writing, AVAX was trading at $61.55 having topped $62 in Monday morning trading in Asia.

Analysts are already suggesting the Avalanche memecoins could be driving it.

$JOE has already made a HTF breakout as AVAX / AVAX memecoin szn is starting to heat up

Send it higher https://t.co/KfdIvLUhwD pic.twitter.com/hw09WkoygQ

— K A L E O (@CryptoKaleo) March 17, 2024

Speaking of memecoins, Shiba Inu is performing well today with a 12.7% gain.

Toncoin (TON) has pumped 16% on the day to top $4, while Near Protocol (NEAR) is up 12%, having reached $8.50 during early Asian trading.

Additionally, Bitcoin’s dominance has declined around 3% so far this month as it retreats, altcoins begin to bubble, and calls for altseason start to ring out again.

Many altcoins went up by 20-50% today. That’s normal after a big correction. Remember it for the next time.

But the reality is, next time a big correction occurs, you’re gonna chicken out. Again.

— Kaduna (@CryptoKaduna) March 18, 2024