Solana overtakes XRP as TVL returns to pre-FTX level

SOL is now the 5th largest crypto on the market in terms of market cap. The TVL network Solana is now once again higher than 1 billion dollars.

The token SOL once again outweighs XRP. The market capitalization of Solana has recently surpassed that of the token issued by fintech Ripple and currently stands at $37 billion, making SOL the 5th largest asset in the crypto market.

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The SOL coursewhich returned to its pre-FTX bankruptcy price level at the end of October, climbed sharply in November and December without any real leverage and with market depth at its lowest.

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The blockchain formerly backed by FTX has “remained resilient” despite the exchange’s bankruptcy last year, Kaiko recently reported. SOL sales to repay FTX’s creditors have so far not prevented its share price from continuing to rise.

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At the same time Solana’s TVLthe total value locked into the blockchain, has risen back above $1 billion, according to data provided by Defillama.

TVL Solana

Like its price, TVL is still a long way from its ATH of nearly $10 billion. It had fallen below $1 billion in the fall of 2022 in the wake of the bankruptcy of Sam Bankman Fried’s platform.

The “renewed enthusiasm” for the Ethereum killer has also pushed up the price of the main meme coin in its ecosystem. The SPL token BONK saw its value soar this month.

The SOL price is trading at around $86 at the time of publication of this article, up 14% over 24 hours and 55% over 7 days.

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