Solana’s SOL has surged to a brand new all-time excessive of 0.05797 in opposition to Ethereum, based on Tradingview knowledge.

This worth efficiency follows its current surge above the $200 mark for the primary time since November 2021, coinciding with the blockchain record-breaking community exercise.

The worth uptick has propelled Solana’s market capitalization to an unprecedented excessive of greater than $91 billion, cementing its place because the fourth-largest digital asset by market cap.

As of press time, Solana was buying and selling for $207, based on CryptoSlate’s knowledge.

Solana DEX quantity

Solana’s surge in worth finds its roots in sturdy community exercise, pushed notably by the prevailing memecoin fervor.

DeFillama knowledge reveals that Solana’s decentralized exchanges (DEX) buying and selling quantity stood at roughly $2.8 billion through the previous day. This determine dwarfs the quantity recorded by Ethereum-based DEX throughout the identical timeframe.

This isn’t the primary time Solana’s DEX buying and selling quantity has surpassed Ethereum’s in current months.

In the meantime, the highest three DEXs in quantity throughout all chains—Raydium, Jupiter, and Orca—are Solana-based, collectively commanding over 40% of the market share. Knowledge from Dex Screener, an analytics platform monitoring decentralized trade buying and selling, additionally present that the highest 35 belongings by quantity within the previous 24 hours had been memecoins based mostly on Solana, together with Snap, E book of Meme, Wen, dogwifhat, and Nostalgia.

As well as, the community has outperformed each different chain in every day energetic addresses, with greater than  2 million addresses interacting with the blockchain through the reporting interval, based on Artemis knowledge.

Solana Charges Stay Low

Regardless of the numerous community exercise, Solana has maintained its meager community charges in comparison with Ethereum and its layer-2 networks using Blobs.

In response to Tom Wan, an analyst at 21 Shares, the median gasoline price on Solana stands at $0.0028, notably cheaper than the $0.004 to $0.077 vary recorded on Ethereum’s layer-2 networks following the Dencun Improve integration.

Final week, Ethereum just lately concluded the Dencun improve to scale back transaction charges drastically. Whereas the improve did lead to price reductions, Solana’s charges stay considerably decrease.

Market observers recommend that these minimal charges may place Solana-based initiatives as viable alternate options to these on Ethereum.

Talked about on this article