Solana has achieved a new milestone, reaching a market cap of over $100 billion for the first time in history.
On November 7, Solana, now the fourth-largest cryptocurrency by market value, hit a record market cap of $101.09 billion. This achievement was fueled by an 8.36% price increase within 24 hours, bringing the token’s price to $214.06.
The broader cryptocurrency market has seen substantial gains as well, with its total market cap climbing 6.37% to $2.75 trillion. This surge follows Donald Trump’s victory in the U.S. presidential election and a recent decision by the Federal Reserve to lower interest rates by 25 basis points.
Bitcoin reached an all-time high, breaking the $80,000 mark, while Ethereum rose to $3,200.
Solana’s success can be attributed in part to the booming meme coin sector on its blockchain. Decentralized platforms on Solana have benefited from this growth.
The platform Pump.fun, for instance, reported $30.5 million in revenue for October, while Raydium, another major player on the network, recorded an impressive $30 billion in trading volume.
Additionally, Solana has witnessed a significant increase in user adoption. The number of unique addresses grew by 42% in September alone, reaching over 100 million, compared to 509,000 active monthly addresses at the beginning of the year.
