Solana and Dogecoin are seeing significant shifts in their market capitalization rankings. Recent reports from Messari, a provider of crypto market intelligence products, indicate that Solana’s market cap has overtaken Dogecoin’s, even as both coins face a downward trend. Moreover, Solana’s dominance in the NFT market has sparked speculation about its price.
BREAKING: $SOL flippens $DOGE in market cap pic.twitter.com/2xfQHRqqUn
— Messari (@MessariCrypto) August 17, 2023
Despite a reported decrease in their market capitalizations, Solana’s dominance in the Non-Fungible Token (NFT) market continues to gain attention. Messari revealed that on August 17th, Solana’s market cap stood at approximately $9.4 billion, compared to Dogecoin’s $9.2 billion.
CoinMarketCap’s data confirmed a decline in these figures, but the relative positions of the two coins remained the same. With a current price of $21.86 and a 24-hour trading volume of $664,158,374, Solana is currently down by 5.18%. However, it still holds the #8 spot on CoinMarketCap with a market cap of $8,905,376,375.
The buzz around Solana is not solely focused on its market cap but on its burgeoning presence in the NFT market. Over the last 24 hours, more than 3,500 NFT buyers were registered on the Solana marketplace, with sales volume reaching an impressive $1,134,068. In the last 30 days, NFT sales on Solana have surged to $32 million with 46,500 buyers, placing it second only to Ethereum as the largest NFT network. This trend has fueled speculation around the potential price of SOL.
On the other hand, Dogecoin is experiencing a decline, with its live price at $0.062539 and a 24-hour trading volume of $774,223,310. The meme-inspired cryptocurrency has decreased by 6.82% in the last 24 hours, with a market cap of $8,795,373,154. Despite this, Dogecoin is making strides in the real world as an official payment option on Bitpay, along with another popular meme coin, SHIB. This move brings these digital currencies into the physical world, offering new utility for users.
The world of cryptocurrency is witnessing a shift as coins like Solana and Dogecoin face fluctuations in their market capitalizations and trading volumes. While both coins are experiencing a downturn, Solana’s increasing dominance in the NFT market and Dogecoin’s acceptance as a payment option show that these digital currencies are here to stay. As the crypto market continues to evolve, the potential for growth and real-world application for these coins remains strong.
