Greed

Solana

Bitcoin

when

Solana’s SOL (<a href="https://cointelegraph.com/solana-price-index">SOL</a>) token has flipped Binance’s BNB (<a href="https://cointelegraph.com/binance-coin-price-index">BNB</a>) token to become the fourth-largest cryptocurrency by market capitalization.
SOL rose 7.56% in the 24 hours leading up to 1:50 pm UTC to trade at $112.52, overtaking BNB. SOL’s $49.36 billion market cap is 1.74% larger than BNB’s $48.5 billion, based on CoinMarketCap data.
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 <img src="https://s3.cointelegraph.com/uploads/2024-02/9673098d-cc3f-450f-acf0-1f149541c797.png" alt="" title="">
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 Top 5 cryptocurrencies by market capitalization. Source: CoinMarketCap
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SOL’s price surge occurred the same day the<a href="https://cointelegraph.com/news/crypto-fear-greed-highest-bitcoin-69k"> Crypto Fear and Greed Index hit</a><a href="https://cointelegraph.com/news/crypto-fear-greed-highest-bitcoin-69k"></a> its highest level since November 2021, when Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) reached $69,000. The index’s spike came a day after <a href="https://cointelegraph.com/news/bitcoin-soars-above-50k-without-retail-fomo-and-high-leverage-use-why-this-is-good">Bitcoin surpassed $50,000</a>&nbsp;for the first time since December 2021.
SOL managed to surpass BNB despite the Solana network <a href="https://cointelegraph.com/news/solana-network-outage-block-production-halted">suffering an outage on Feb. 6</a>. The on-chain approval of the Pyth DAO Constitution likely propelled the rally. This proposal aimed to ratify the Pyth DAO Constitution as the decision-making framework for the Pyth DAO, the decentralized autonomous organization governing the Pyth Network.
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 <img src="https://s3.cointelegraph.com/uploads/2024-02/c7cfcf59-4e99-4334-8410-ed7c478290de.png" alt="" title="">
 <figcaption style="text-align: center;">
 Pyth DAO Constitution governance vote. Source: Realms
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</figure>
Related: <a href="https://cointelegraph.com/news/6-figure-btc-price-in-2024-bitcoin-analyst-says-55k-now-worst-case">6-figure BTC price in 2024? Bitcoin analyst says $55K now ‘worst case’</a>
Despite the recent outage, SOL has gained 19.99% in the past seven days and is currently 57% lower than its all-time high of $260.06, recorded on Nov. 6, 2021.
Solana Mobile’s Chapter 2 smartphone reached 100,000 preorders on Feb. 12 in less than 30 days. In comparison, it took Solana almost a year to sell 20,000 of its first Solana Saga smartphones.
Following the milestone, the preorder window for buying the new Solana phone for $450 will close on Feb. 14, Solana Mobile <a href="https://twitter.com/solanamobile/status/1757042126716592568" target="_blank" rel="noopener nofollow">announced</a> on X. The smartphones will start shipping in early 2025.
BNB has been struggling to gain traction in the wake of Binance’s ongoing regulatory challenges. On Feb. 12, Binance founder Changpeng Zhao’s <a href="https://cointelegraph.com/news/binance-founder-changpeng-zhao-sentencing-date-april">sentencing date was postponed</a> from Feb. 23 to April 30. Zhao is currently out on a <a href="https://cointelegraph.com/news/cz-released-on-bond-may-return-to-dubai">$175 million bond</a> and is residing in the United States.
Related: <a href="https://cointelegraph.com/news/us-officials-announce-binance-settlement">US officials announce $4.3B settlement with Binance, plea deal with CZ</a>

Solana’s market cap overtakes BNB, secures 4th position

Cointelegraph

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