Benzinga - Avalanche (CRYPTO: AVAX) and Solana (CRYPTO: SOL), have surpassed Dogecoin (DOGE) and Binance Coin (CRYPTO: BNB) in market capitalization respectively, according to data by CoinMarketCap.
What Happened: AVAX on Thursday surged over 16%, while SOL increased 8% in the last 24 hours.
AVAX had briefly flipped DOGE last week, but DOGE made a recovery shortly afterward. On Thursday, AVAX broke out again, reaching a $17 billion market cap, surpassing DOGE.
Similarly, Solana overtook XRP (CRYPTO: XRP) on Wednesday and BNB on Thursday. SOL’s market cap stands at $41 billion to become the fourth largest cryptocurrency by market capitalization.
According to DefiLlama, the total value locked (TVL) on the Solana platform has crossed over $1 billion for the first time since FTX’s collapse in November 2022. FTX had bought $1 billion in Solana-based tokens before its bankruptcy, causing the TVL to drop. Currently, the TVL on Solana stands at $1.79 billion.
See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals
Why It Matters: Traders are increasingly drawn to AVAX, SOL blockchain networks because of their much lower transaction fees and faster speeds compared to Ethereum (CRYPTO: ETH). A Solana transaction costs less than a cent and takes only seconds, while Ethereum can cost at least $15 and take up to a minute.
This has led to more transactional activity on both networks, which has more than doubled in the past month, along with an increase in active wallets and new users, data shows.
Price Action: At the time of writing, AVAX was trading at $47.42 while DOGE at $0.093, in the last 24 hours, according to Benzinga Pro.
Photo by Igor Faun on Shutterstock
Read Next: Here’s How Much You Should Invest In Shiba Inu Today For A $1M Payday If SHIB Hits 1 Cent?
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.