Solana (SOL) Overtakes LUNA To Become 8th-Largest Cryptocurrency

Published by
Solana (SOL) Overtakes LUNA To Become 8th-Largest Cryptocurrency

Solana (SOL), the native token of the eponymous blockchain, recently overtook Terra’s LUNA to reclaim its spot as the eighth-largest crypto token by market capitalization. The rally comes on a string on positive news that drove demand for the token through last week.

SOL, which is the most staked token in the market, jumped 21% in the last seven days, and was trading near a two-month high of $110. It currently sits at a market capitalization of $35.9 billion, having recently surpassed the $33 billion of LUNA. The move comes only about two months after LUNA had surpassed SOL in market capitalization- although a major factor in this was also because of losses in SOL.

LUNA lagged its peers through last week, and was trading at levels seen last Monday. But the token has also benefited greatly this year from the growing popularity of the stablecoin TerraUSD (UST).

Advertisement

Gaming partnership, institutional interest boost SOL

Krafton, the South Korean developer behind the wildly popular videogame PUBG, last week said it was collaborating with Solana Labs to develop blockchain games and even a metaverse. The developer cited Solana’s feature to host highly scalable applications as one of the key  drivers behind the deal.

Digital asset manager CoinShares, and world no. 3 crypto exchange FTX entered a partnership last week to launch a physically-backed Solana exchange traded product (ETP) for European investors, which allows traders to access SOL staking rewards without directly investing in the token.

The ETP will launch with 1 million SOL ($100 million) in seed capital. The product caters largely to the institutional market, which has become a major driver of crypto prices in recent years.

Additionally, SOL also makes up nearly a quarter of weightage in a recently launched smart contracts fund from digital assets manager Grayscale. The move is also expected to boost institutional investment in the token.

Advertisement

Broader crypto sentiment also improves

The broader crypto market has also been enjoying a boom in interest over the last week. Total crypto market capitalization jumped 12% to trade above the $2 trillion mark for the first time since February.

Gains in top altcoin Ethereum (ETH), driven by the ETH chain’s impending switch to a proof-of-stake (PoS) model, have spilled over into most other popular projects. The switch  has also drawn attention to several other PoS tokens, benefiting SOL.

Advertisement

Share
Ambar Warrick

With more than five years of experience covering global financial markets, Ambar intends to leverage this knowledge towards the rapidly expanding world of crypto and DeFi. His interest lies chiefly in finding how geopolitical developments can impact crypto markets, and what that could mean for your bitcoin holdings. When he isn't trawling through the web for the latest breaking news, you can find him playing videogames or watching Seinfeld reruns. You can reach him at ambar@coingape.com

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • News

Senators Reaffirm Commitment to Market Structure Bill After Meeting with Coinbase, Ripple

Senate Democrats and Republican lawmakers have ended separate roundtable meetings focused on the Crypto Market…

October 23, 2025
  • News

How the Crypto Market Could React to the Next Fed Meeting on October 29?

The crypto market has, for a while now, been pricing a potential 25 basis points…

October 23, 2025
  • News

$1.68 Trillion T. Rowe Price Files for First Active Crypto ETF Holding BTC, ETH, SOL, and XRP

Rowe Price has filed for its first actively managed crypto exchange-traded fund (ETF). It is…

October 22, 2025
  • News

Standard Chartered Predicts Bitcoin Could Drop Below $100K Amid U.S.–China Trade Tensions

Standard Chartered analyst Geoff Kendrick has predicted that the Bitcoin price could suffer a significant…

October 22, 2025
  • News

Rising Demand for Verifiable Crypto Ownership Drives Launch of Trezor Safe 7

Crypto ownership is a topic that has been discussed across major forums globally in the…

October 22, 2025
  • News

Robinhood Lists Binance Coin as BNB Outperforms BTC, ETH, SOL YTD By Over 30%

Crypto exchange Robinhood has listed the Binance coin for spot trading for its U.S. customers.…

October 22, 2025