Solana Surpasses BNB in Market Capitalization

Since the beginning of 2023, SOL's price has experienced substantial growth, thanks to several significant events within the Solana ecosystem. These events include strategic partnerships with Visa and Shopify. The frenzy around the Solana network's meme coin, BONK, and the revival of the DeFi segment have accelerated this recent rally.

This week, SOL's price approached the $100 mark, temporarily surpassing Binance-supported BNB to become the fourth-largest cryptocurrency by market capitalization, boasting a value of $42.24 billion. Although SOL has since dropped to the fifth position, it trails BNB by a mere $77 million.

Meanwhile, the demand for Solana's Saga smartphones has reached unprecedented levels. The company reported that the demand for these devices has grown so significantly that they are struggling to fulfill all incoming orders.

"While working on fulfilling orders, we have encountered inventory management issues with our third-party distributor, leading to inaccurate inventory representation. Unfortunately, we are unable to fulfill orders placed after our supplies ran out. Furthermore, we have canceled orders marked as suspicious due to excessive device quantities or payment risk as we work to get Saga into the hands of as many users as possible," stated Solana representatives on Twitter.

Solana's rise in the crypto market continues to capture the attention of enthusiasts and investors alike, making it a crypto project to watch closely in the coming months.