The cryptocurrency SOL has risen to the seventh place in the list of the first cryptocurrencies in terms of total market capitalization.

Where excel The digital currency SOL on “Dogecoin” in terms of market capitalization and took its place in seventh place.

The digital currency SOL has seen an incredibly dramatic and surprising rise in value in recent weeks, jumping more than 300% in the past 30 days.

SOL has repeatedly set all-time new highs and peaks, with the coin’s price jumping from around $35 per coin on August 1 to a new peak price above $138 set Friday.

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The cryptocurrency SOL is now up 21% in the past 24 hours, and it’s still going up, after for the first time breaking through the $100 level last Monday.

On the other hand, the cryptocurrency “Dogecoin” has seen a more mixed performance recently. According to “CoinGecko”, the price of the latter has increased by 50% over the past 30 days, while its price has increased by only 7.5% during the past week.

DOGE re-emerged faster than some of its rivals when the broader cryptocurrency market started to recover in late July,

But it is a historically volatile currency that tends to swing more strongly in either direction than the larger digital currencies (Bitcoin, Ethereum).

The price of Dogecoin has been rising significantly since the beginning of the year, as its price increased from $0.0055 on January 1 to the current price above $0.29.

This is a 5,200% increase, although the price of Dogecoin is still 60% off its peak price of $0.73 in May.

SOL has a market capitalization of $39.6 billion, compared to $38.8 billion for Dogecoin.

The Solana project is seen as a rising competitor to Ethereum, which is currently the leading smart contract platform.

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Although Ethereum has a significant leadership among the smart contract blockchain, the network is often crowded with activity, which leads to higher gas fees for transactions especially in the midst of the current NFT market boom.

Additionally, the current Ethereum PoW-mining model requires a significant amount of power, although it will shift to a more efficient PoS with the upcoming Ethereum 2.0 network upgrade.

Solana is built as a more energy efficient blockchain based on Proof of Stakes from the start providing fast transaction times and low fees.

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The rise in the price of the digital currency SOL in recent weeks is partly attributed to the growth of DeFi and NFT activity on the platform, indicating a broader development and adoption by users alike.

But when comparing the amount of money that Ethereum has deposited and locked in by various decentralized financing protocols, we find that the Solana project lags far behind Ethereum, as the value of DeFi protocols in Solana has reached $ 3.6 billion locked in its smart contracts at the present time, according to data from DeFi Llama, while Ethereum-based DeFi protocols have $126 billion in locked assets.

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