Solana’s 30% Weekly Growth Adds $3 Billion To Its Capitalization And Also Put Cardano And Ripple Under Pressure

According to CoinMarketCap, Solana takes 9th position in the total market cap giving up to Cardano, Ripple, BNB Chain, Ethereum, and of course, Bitcoin as the coin gained up to 30% in 7 days. This performance added $3 billion to its capitalization. 

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A little addition to Solana’s price

Whenever SOL adds another  $10 to its price per token, Solana will see itself in seventh place, with both Cardano and Ripple behind it. Rising of SOL price by another 35% may be worth what someone bid on, considering the pace at which SOL is rising and the performance of its closest rival in the market cap.

Although according to CoinMarketCap, the impressive growth of the SOL price can be attributed to its 7-day performance, do not let yourself be misled. The fact is, the rise truly did not start until Sunday, June 18, at $27.20 per token.

Source: CoinMarketCap

SOL is now trading above that level by 5% at $37.7.

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Performance Declination Resolved

Some days back, the problem of performance declination was traced to the performance bugs in the blockchain, specifically in the transaction processing unit (TPU). During those times when the system was down, the number of transactions processed per second dropped from thousands to just tens. Because of this, Solana developers came together to think of how to eradicate the issue and they came up with replacing the UDP with Google’s QUIC protocol in the new update that came after they have attempted to normalize the operations around the platform’s existing user datagram protocol (UDP).

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Cryptolifedigital is a cryptocurrency blogger and analyst known for providing insightful analysis and commentary on the ever-changing digital currency landscape. With a keen eye for market trends and a deep understanding of blockchain technology, Cryptolifedigital helps readers navigate the complexities of the crypto world, making informed investment decisions. Whether you're a seasoned investor or just starting out, Cryptolifedigital's analysis offers valuable insights into the world of cryptocurrency.
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