Solana (SOL) Surpassing Rivals in Value and NFT Sales, While Bonk Inu (BONK) Steals the Spotlight

Solana's meteoric rise in value and NFT transactions contrasts with Bonk Inu's staggering surge, overshadowing other meme tokens.

Solana (SOL), currently the sixth-largest cryptocurrency by market capitalization, has been making significant strides, with its price seeing a remarkable surge since the beginning of Q4, 2023, peaking at nearly $75 over the last weekend, a high not seen since May 2022, according to CoinGecko. However, due to the ongoing market correction, SOL’s price has slightly dipped to its present value of $71.

In addition to its swift price increase, also, Solana has outperformed many of its competitors in terms of transaction volume and other key metrics. As per CryptoSlam, the weekly sales volume of Solana’s non-fungible tokens (NFTs) has seen a more substantial rise than Ethereum’s. The former’s figure has reached close to $68 million, marking a 53% increase from the previous week’s data. On the other hand, Ethereum’s NFT sales volume for the past week is approximately $100 million, indicating a 5% decrease from the previous week. Interestingly, Solana even briefly surpassed Ethereum on December 8, recording $16 million in sales compared to Ethereum’s $11 million.

While Solana has certainly piqued the interest of investors, its memecoin, Bonk Inu (BONK), has undeniably stolen the spotlight recently. The token’s price has skyrocketed by 400% on a monthly basis, reaching an all-time high on December 9. Furthermore, with a current market capitalization of around $800 million, BONK ranks as the 81st largest asset in the entire crypto universe.

The remarkable ascent of BONK can be attributed to Solana’s upward trend and the ongoing buzz around memecoins. However, some of the leading memecoins, such as Dogecoin (DOGE) and Shiba Inu (SHIB), have been unable to match Bonk Inu’s pace, recording only modest increases recently.