During the weekend, the crypto of Solana ($SOL) overtook BNB: this boom seems to be connected to the success of memecoins.
Summary
Solana’s overtaking of BNB in the crypto world thanks to memecoins
The price of SOL, the native cryptocurrency of Solana, has surpassed $200 for the first time since December 2021.
This rally has brought Solana’s market capitalization to almost $90 billion, reaching new all-time highs.
Indeed, in November 2021, when the price of Solana cryptocurrency reached its all-time high above $260, there were fewer SOL in circulation, so today, more than two years later, even though the price is lower, the market capitalization is higher.
It should not be forgotten that market capitalization is just a theoretical calculation obtained by multiplying the number of issued and circulating tokens by the price of a single token.
It is worth noting that at the end of September last year, the market capitalization of SOL was less than 9 billion dollars, so in just five and a half months it has increased tenfold.
In November it had reached 27 billion, while in December it reached 48. In February it had returned above 50, but only in March it exceeded 60.
BNB, or the native cryptocurrency of BSC (Binance Smart Chain), is still “stuck” at 85 billion, so over the weekend it was surpassed by Solana.
The performance of BNB
Actually, the price of BNB is also on the rise.
Indeed, in the last 30 days it has been recording a +60%, but in the last seven days it stops at a +7.5%.
Instead, the price of SOL is up +35% in the last seven days, and +83% in the last thirty.
As for BNB, it must be said that the bear market post-bubble lasted until mid-October 2023, and only starting from November it began to rise.
Even in December it was below $250, and only at the end of the month did it manage to rise above $300.
By the end of February, however, he had managed to climb back above $400, and now he is at $570, but after reaching $630 a couple of days ago.
The all-time high of $690 is not far off, even though it has not yet managed to set a new all-time high for market capitalization.
Indeed, the $105 billion from November 2021 still stands, a figure even higher than Solana’s current market capitalization.
The memecoins push Solana above the crypto BNB
The recent boom of Solana started in October of last year.
This is a boom also related to a new boom of memecoins.
Solana in fact allows to easily, quickly and at low cost create new memecoins, and so many are being created.
Generally, the new memecoins that are having the most success are those issued on Solana, also thanks to its very low transaction costs.
Just to say that in the last 3 days there has been a real peak in fundraising for the presale of the new memecoins on Solana, with over 100 million dollars.
These are numbers that, since they are linked to memecoins, immediately make us think of a new bubble.
The three tokens that are collecting the most are Book of Meme (BOME), Nap (NAP) and Nostalgia (NOS), but there are also many others.
However, it is important to underline how memecoins often have no foundation other than carrying the name of a meme in the hope that its success can increase its price (or market value).
For this reason, very often real speculative bubbles inflate on memecoins ready to burst.
Degeneration
Nowadays there is open talk of a “peak of degeneration”.
This is a kind of collective madness that attracts many bettors looking for a big profit in a short time, since in case of a bubble it is indeed possible to earn a lot if you manage to buy before the bubble inflates, and sell before it explodes.
This new boom, following the one at the end of 2023 which had similar aspects, was sparked in particular by Book of Meme (BOME).
BOME is a token launched on March 14th by the artist Darkfarms1 with a controversial crowdfunding model. In less than 56 hours from its launch on the market, it recorded an increase of over 36,000%, reaching a maximum price of 28 thousandths of a dollar on Friday. Now it has almost halved, as it has dropped below 16 thousandths, and it could drop even further.
The hypothesis is that these are real Ponzi schemes that exploit the FOMO of those looking for quick and profitable bets. Since these are just bets, many people are willing to lose something in order to try to earn a lot.
BOME is a token issued on the Solana blockchain.
 overtook BNB, thanks to the recent boom of memecoins.){kind=link}