Dogecoin Swept By Avalanche, And Solana Surpasses Binance's Native Token To Claim 4th Largest Market Cap

Avalanche (CRYPTO: AVAX) and Solana (CRYPTO: SOL), have surpassed Dogecoin (DOGE) and Binance Coin (CRYPTO: BNB) in market capitalization respectively, according to data by CoinMarketCap. What Happened: AVAX on Thursday surged over 16%, while SOL increased 8% in the last 24 hours.

Timeline of Avalanche, Dogecoin, Solana

One of the most vocal supporters of cryptocurrency Dogecoin (CRYPTO: DOGE) over the years has been billionaire Elon Musk. During a recent interview, Musk minimized his focus on cryptocurrency.

Solana prices have shown some serious strength lately, rallying to their highest level since April 2022 as the network benefits from substantial activity and strong interest in memecoins.

Solana (SOL) is flying high at the moment, and from all indications, the crypto token has no intention of slowing down anytime soon as it eyes $100. This is no doubt feasible, considering the several bullish narratives that continue to build up in the Solana ecosystem.

Solana's cryptocurrency, SOL, which experienced a 94% decline in 2022, has reportedly made a comeback, attracting the attention of digital asset investors. The SOL token has surged in price by almost 800% since December 2022, Bloomberg reported Thursday (Dec. 21).

Trezor, a prominent web3 hardware wallet manufacturer, has expanded its token support, now accommodating SOL and Solana Program Library (SPL) tokens. This addition enhances the functionality of Trezor's hardware wallets, the Model T and Safe 3, as announced on the social media platform X.

Crypto derivatives volume surged, leaving some unbalances behind, which could trigger liquidation events. On that, some cryptocurrencies have seen increased short positions that, if liquidated, would cause a short squeeze.

In a surprising twist, the Solana token (SOL) has left the cryptocurrency market in awe with an astounding surge of over $4.8 billion in the past 24 hours. This surge has propelled Solana's market capitalization beyond the impressive milestone of $37 billion.

As the end of 2023 draws closer and optimism returns to the cryptocurrency industry, some of its assets have recorded more impressive results than others, both recently and since the year's start, including Solana (SOL), which has increased its price by over 780% this year.

Web3 wallet manufacturer Trezor has expanded its scope of offerings, now supporting Solana (SOL) and Solana Program Library (SPL) tokens. That comes as Solana witnesses increased interest from crypto players. The announcement revealed that Trezor wallets, Model T and Safe 3, are now compatible with these Solana tokens.

A popular cryptocurrency analyst has recently suggested that the meme-inspired cryptocurrency Dogecoin could see a “gorgeous pump” over the holidays after it breaks through a key price level.