Solana Nears $100B Milestone, Gains Institutional Traction in the U.S.

• Solana’s market cap approaches $100 billion, with strong U.S. institutional interest and ETF proposals supporting its growth.
• Solana-based Pump. fun records $1.9 billion in volume, as meme coin trading on the platform drives significant user engagement.
• With over 3.1 million tokens issued, Solana showcases its expanding ecosystem and potential to join top cryptocurrencies. 

Solana, often called an “Ethereum killer,” is on the brink of reaching the $100 billion market cap milestone. According to Bitwise CEO Hunter Horsley, Solana’s market cap currently stands at $96.8 billion, just steps away from joining the exclusive ranks of Bitcoin, Ethereum, and Tether. This achievement would place Solana among a select few in the cryptocurrency space, marking a significant rise for the fourth-largest cryptocurrency. The token has shown steady performance, rising by 1.3% over the past 24 hours.

A Rising Star in the Meme Coin Frenzy

Earlier this year, Solana found itself at the center of a meme coin frenzy that drove significant trading volume. Dune Analytics reports that Pump. fun, a Solana-based meme coin factory, has generated a remarkable $1.9 billion in volume over just the past two weeks. Solana’s ability to capitalize on this growing trend has helped elevate its market position and showcase its appeal among crypto enthusiasts. Besides this surge, Solana has now surpassed 1.1 million SOL in total transaction fees, further cementing its reputation within the digital assets space.

3.1 Million Tokens Issued on Solana’s Expanding Platform

Solana’s platform is experiencing substantial growth, with over 3.1 million tokens issued to date. The platform’s infrastructure has enabled widespread token issuance, attracting various creators and developers, and further bolstering Solana’s reputation and potential. This achievement reflects the platform’s capability to scale and attract diverse projects and creators, contributing to its market value climb.

Significantly, Solana is not just resonating with retail investors; it is also gaining attention within the U.S. institutional market. Multiple proposals to launch a Solana exchange-traded fund (ETF) in the U.S. are currently under review, with major investment firm VanEck leading the way by proposing the first product in June. This movement could provide Solana with a critical entry into mainstream financial markets, potentially strengthening its position in the U.S. and increasing investor confidence.

Aiming to Join the Ranks of Bitcoin and Ethereum

At present, only Bitcoin, Ethereum, and Tether hold valuations above the $100 billion mark. Solana’s continued upward trajectory could soon see it join these giants, a testament to its recent growth and investor interest. Binance Coin (BNB) reached the $100 billion milestone back in November 2021 and could soon revisit this mark alongside Solana if the current rally continues. XRP, once valued at $100 billion in 2018, now sits at $28.9 billion, underscoring the challenges in sustaining such high valuations in the volatile cryptocurrency market.