Solana (SOL), the sixth-largest cryptocurrency by market capitalization, has undergone a substantial surge in its price during the early stages of Q4 2023. Over the weekend, SOL reached an impressive peak of nearly $75, a level not observed since May 2022, although it has since slightly corrected to stabilize around $71.
In addition to this rapid price escalation, Solana has outperformed several counterparts in various metrics, particularly in transaction volume. According to CryptoSlam, Solana's non-fungible token (NFT) sales volume has experienced a remarkable 53% weekly increase, reaching close to $68 million. Notably, Solana has surpassed Ethereum in the weekly growth of NFT sales, as Ethereum faced a 5% decline, recording almost $100 million in sales over the past seven days. On December 8, Solana briefly surpassed Ethereum in NFT sales, achieving $16 million compared to Ethereum's $11 million.
Further adding to Solana's accomplishments is the success of its memecoin, Bonk Inu (BONK). BONK has surged by an astonishing 400% in price over the last month, reaching an all-time high on December 9. Currently boasting a market capitalization of around $800 million, BONK has positioned itself as the 81st largest cryptocurrency in the overall market. While the positive momentum in Solana and the excitement surrounding memecoins have contributed to the remarkable growth of BONK, other leading memecoins like Dogecoin (DOGE) and Shiba Inu (SHIB) have shown more restrained increases in recent times.
