18 November 2024
Solana (SOL) has emerged as a winner in the digital asset landscape as it captured the title of being the most popular blockchain ecosystem in 2024, according to the latest ranking of CoinGecko.
The virtual coin outperformed some of the well-known cryptocurrencies in the market, an indicator of the crypto’s growing appeal to investors worldwide.
Solana Bags No. 1 Spot
Solana seized the top spot in the ranking of blockchain ecosystems in the crypto space. This is an important feat that shows the capability of the coin to dominate the digital currency market.
CoinGecko revealed that from January 1 to November 11, 2024, the global traffic share of Solana has outdone its fellow cryptos, saying that SOL holds nearly 39% of all investor interests worldwide.
SOL’s global shares are more than twice the share of Base, which occupies second place with 16.81%, showing its commanding lead among blockchain ecosystems.
CoinGecko attributed the SOL’s prominence to the Pump.fun platform, which Solana launched in January this year. The platform played a crucial role in sparking the interest in SOL.
The crypto market analyst added that Solana’s “speed and low gas fees” were also major contributors to its popularity among investors.
Meanwhile, the data aggregator website noted that although Solana led the top of the blockchain ecosystems ranking, the coin’s share of investor interest has decreased by 10.5%. In contrast, other ecosystems have gone up to get more global shares.
The Pump.fun Effect
Analysts said that one of the major drivers in the huge interest in SOL is the Pump.fun. Solana introduced the new platform in January, boosting the coin’s customer engagement and leading to more interest in it.
Solana boasted that Pump.fun is viewed as its “fastest trading terminal,” which can also be used for “non-custodial wallet creation through emails.”
Data showed that over 2.5 million tokens have been deployed with the use of the platform, noting that Pump.fun has become famous in the meme coin community for its low transaction costs.
ETF Listing By 2025
Matthew Sigel, head of digital asset research at VanEck, believed that Solana could get an ETF listing by 2025, showing confidence that SOL will get US approval next year.
Sigel said that the odds are in favor of Solana, saying that an ETF listing by 2025 is “overwhelmingly high.”
He suggested that US President-elect Donald Trump’s stance on cryptocurrencies could be a deciding factor in SOL’s campaign for an ETF listing since Trump projects a more friendly approach to cryptocurrencies.
As of writing, SOL is being traded at $244 per coin and has a total market capitalization of more than $114 billion.
Featured image from ByteTree, chart from TradingView