According to CryptoPotato, Solana (SOL), the sixth-largest cryptocurrency by market capitalization, has experienced a significant price increase since the start of Q4, 2023. Over the weekend, SOL's price surged to nearly $75, a peak last seen in May 2022, before slightly decreasing to its current level of $71 due to ongoing market correction.
In addition to its rapid price ascent, Solana has surpassed several rivals in terms of transaction volume and other metrics. According to CryptoSlam, Solana's non-fungible token (NFT) sales volume has marked a bigger increase on a weekly basis than Ethereum, with a 53% weekly increase to almost $68 million. In comparison, Ethereum's NFT sales volume for the past seven days stands at nearly $100 million, representing a 5% drop for the week. On December 8, Solana briefly outpaced Ethereum, witnessing $16 million in NFT sales compared to Ethereum's $11 million.
Solana's memecoin, Bonk Inu (BONK), has also captured investors' attention with a 400% price increase on a monthly basis, hitting an all-time high on December 9. Its market capitalization currently hovers around $800 million, positioning the asset as the 81st largest in the entire crypto realm. While the uptrend in Solana and the hype surrounding memecoins may have contributed to BONK's impressive rise, other leading memecoins like Dogecoin (DOGE) and Shiba Inu (SHIB) have failed to catch up, registering more modest spikes recently.