Solana’s SOL token has flipped Binance’s BNB token to become the fourth-largest cryptocurrency by market capitalization.
The SOL token rose 7.56% in the 24 hours leading up to 1:50 pm UTC to trade at $112.52, overtaking the BNB coin. Solana’s $49.36 billion market cap is 1.74% larger than BNB’s $48.5 billion market capitalization, according to CoinMarketCap data.
Solana’s price surge occurred the same day the Crypto Fear and Greed Index hit its all-time high in Nov. 2021, when Bitcoin reached $69,000. The index’s spike came a day after Bitcoin surpassed $50,000 for the first time since Dec. 2021.
The SOL token managed to surpass the 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, which is the decentralized autonomous organization (DAO) governing the Pyth Network.
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This is a developing story, and further information will be added as it becomes available.
