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Up 550% in 40 days! The sixth-largest cryptocurrency is poised for a longer bull run.

New Delhi, India : Solana, the latest sensation in the digital token universe, has surpassed XRP (Ripple) to become the sixth largest cryptocurrency in terms of market capitalisation.

Solana, with a market capitalisation of $55 billion, is a few steps behind the fifth largest and dollar-pegged cryptocurrency Tether after a strong 32% rally in the last week. Binance Coin is currently ranked fourth.

Top digital tokens including Uniswap, Cardano, Binance Coin, and Dogecoin have all dropped 15-20% in the previous week, with Solana is the only altcoin to have delivered a positive return in the last week.

CoinSwitch Kuber's Chief Business Officer, Sharan Nair, stated Solana's transaction speed and cost-efficiency pique the interest of the investors. "The coin is constructed on a robust layer-1 blockchain that is technologically far ahead of the curve in terms of advancements." The recent craze for NFTs and smart contract offerings has also brought the coin to a more mainstream market,” he explained.

Solana is a high-performance blockchain that prioritises scalability over decentralisation and security. Mudrex CEO and Co-Founder Edul Patel stated that such factors have played a significant role in fueling the company's phenomenal rally. He continued, "Solana is a powerful blockchain ecosystem that leverages the Proof-of-Stake (PoS) consensus mechanism rather than Ethereum's less energy-efficient Proof-of-Work (PoW) mechanism."

Since August 2021, Solana has returned approximately 550 percent. Since its inception in April 2020, the token's price has increased 270 times. "The eagerness of investors to invest in a new crypto coin, combined with the features provided by the technology behind Solana, has propelled its returns to the sky," Nair added.

Analysts said, the secular rally was driven by strong institutional investor inflows as well as rapid adoption as a non-fungible token platform.

Many experts think that Solana will soon dethrone Ethereum and enter the top five cryptos."The market is frequently assumed to be efficient enough to recognise an asset's growth potential and accurately reflect it in its price. Solana has a lot of potential. Several developers have built projects using the Solana blockchain because of its high efficiency in terms of both speed and cost." Nair of Coin Switch Kuber has been included.

Unlike many other crypto tokens, the majority of Solana tokens are held by developers and large investors, with only a small proportion held by retail traders.

Mudrex's Patel stated: "The number of projects built on the Solana network is rapidly increasing. With more adoption, there will be more possible legs to this rally."