Solana (SOL) and Dogecoin (DOGE) have reached significant milestones, fueled by the broader crypto rally that began as Bitcoin hit record highs. This surge was driven by Donald Trump’s election win and the Federal Reserve’s interest rate cuts. In a remarkable turn, Dogecoin surpassed Ripple’s XRP in market value, further intensifying the excitement around these altcoins.
Solana Hits $212 for the First Time Since 2021
SOL climbed above $212, marking its highest point since the 2021 crypto bull market. The altcoin recorded a weekly gain of 34%, outperforming Bitcoin’s 18% rise and the broader market index, which increased by 27%. Solana is now just 20% away from its all-time high of $260, and with a market cap exceeding $100 billion, it joins the ranks of only three other major cryptocurrencies with valuations over $100 billion—Bitcoin, Ethereum (ETH), and stablecoin Tether (USDT).
This latest rally has reignited discussions of a “flippening,” with some speculating that SOL’s market cap could one day surpass Ethereum’s current valuation of around $389 billion. Solana’s resurgence is especially noteworthy after the collapse of FTX and Alameda Research, two major backers of the platform, in 2022. According to Julien Bittel from Global Macro Investor, “Solana’s milestone signifies deeper implications for the entire crypto market.”
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Dogecoin’s Meteoric Rise
Dogecoin also experienced a remarkable price increase, currently trading at $0.28 after an 88% surge over the past week. This surge has elevated Dogecoin’s market cap beyond XRP’s, positioning it as one of the top-performing assets of the week. DOGE now trades at levels not seen since December 2021, with its market cap exceeding $42 billion, leaving XRP behind with $37 billion.
On November 6, Dogecoin briefly surpassed XRP in market cap after Trump’s election win fueled a double-digit rise, propelling DOGE up 25% in a single session to a monthly high of $0.211. This rally pushed DOGE into the seventh spot by market cap, overtaking XRP momentarily. While some profit-taking caused DOGE to slip back, renewed demand has once again propelled the meme coin ahead of XRP.
The recent performance of Solana and Dogecoin highlights a continued surge in the altcoin sector, with investors eyeing potential for further gains amid market momentum.
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