Solana’s market cap overtakes BNB, secures 4th position

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Solana’s SOL (SOL) token has flipped Binance’s BNB (BNB) token to become the fourth-largest cryptocurrency by market capitalization.

SOL rose 7.56% in the 24 hours leading up to 1:50 pm UTC to trade at $112.52, overtaking BNB. SOL’s $49.36 billion market cap is 1.74% larger than BNB’s $48.5 billion, based on CoinMarketCap data.

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Top 5 cryptocurrencies by market capitalization. Source: CoinMarketCap

SOL’s price surge occurred the same day the Crypto Fear and Greed Index hit its highest level since November 2021, when Bitcoin (BTC) reached $69,000. The index’s spike came a day after Bitcoin surpassed $50,000 for the first time since December 2021.

SOL managed to surpass BNB despite the Solana network suffering an outage on Feb. 6. The on-chain approval of the Pyth DAO Constitution likely propelled the rally. This proposal aimed to ratify the Pyth DAO Constitution as the decision-making framework for the Pyth DAO, the decentralized autonomous organization governing the Pyth Network.

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Pyth DAO Constitution governance vote. Source: Realms

Related: 6-figure BTC price in 2024? Bitcoin analyst says $55K now ‘worst case’

Despite the recent outage, SOL has gained 19.99% in the past seven days and is currently 57% lower than its all-time high of $260.06, recorded on Nov. 6, 2021.

Solana Mobile’s Chapter 2 smartphone reached 100,000 preorders on Feb. 12 in less than 30 days. In comparison, it took Solana almost a year to sell 20,000 of its first Solana Saga smartphones.

Following the milestone, the preorder window for buying the new Solana phone for $450 will close on Feb. 14, Solana Mobile announced on X. The smartphones will start shipping in early 2025.

BNB has been struggling to gain traction in the wake of Binance’s ongoing regulatory challenges. On Feb. 12, Binance founder Changpeng Zhao’s sentencing date was postponed from Feb. 23 to April 30. Zhao is currently out on a $175 million bond and is residing in the United States.

Related: US officials announce $4.3B settlement with Binance, plea deal with CZ