Avalanche’s native token, AVAX, has surpassed SOL in terms of market cap.
With a market cap of $3.47 billion, AVAX managed to surpass SOL, which has a market cap of $3.45 billion.
AVAX Passes SOL
SOL, the native token of the Solana blockchain, has dropped 5.7% in the last 24 hours, closing the past week with a 22.7% drop.
Solana lost two of its most popular NFT projects after DeGods and y00ts switched to Ethereum and Polygon.
These factors paved the way for Solana to fall behind.
While most crypto-related stocks hit all-time lows earlier in the week, they later picked up. Coinbase shares rose 8%, Galaxy Digital shares rose 10% and Robinhood rose 5%.
The shares of MicroStrategy, which announced that it bought 2500 Bitcoin the other day, also saw a small increase.
At the time of writing, AVAX is trading at $ 11.16 according to Coinmarketcap data, while Solana’s native token SOL is also trading at $ 9.40.