However, a closer examination of the market capitalization of both networks revealed how much further apart they have become, particularly considering the current bear market.
According to information obtained from CoinMarketCap, Solana’s market cap was $52.6 billion a year ago. Since then, it has shrunk 11 times to its press time value of $4.7 billion. When compared, Ethereum’s market cap decreased by only three times over the same timeframe, which meant that Solana’s market cap was now only 3.1% of Ethereum’s $148 billion market size.
On the other hand, the start of a new year brought good fortune in the form of a gain of almost sixty percent from the lowest point it had reached in the previous year.When FTX failed, it was a major setback for Solana, and the network has been fighting an uphill battle ever since. Although the BONK token may have injected some much-needed adrenaline into the floundering Solana, it is realistic to assume that its impact will be little.Subscribe to get it daily in your inbox.