- Solana’s Rise: The smart contract platform Solana ($SOL) has moved ahead of meme-inspired cryptocurrency Dogecoin ($DOGE) to become the 8th largest digital asset by market capitalization.
- Market Decline: Both $SOL and $DOGE faced price drops amidst a broader cryptocurrency market crash, with Solana’s market cap now at $8.85B and Dogecoin at $8.82B.
- Analyst Predictions: Despite the downturn, analysts express optimism for both Solana and Dogecoin, drawing parallels to previous market recoveries and noting price correlations.
The intelligent contract platform Solana ($SOL) has recently outpaced the meme-inspired digital currency Dogecoin ($DOGE) in terms of market capitalization, now holding the position of the 8th most substantial digital asset by this measure.
Based on available market data, the value of the meme-inspired cryptocurrency has experienced a decline of 16.7% over the past week, currently resting at $0.062. Meanwhile, the price of the intelligent contract platform dropped by 11.7% during the same period, settling at $21.7.
Consequently, Solana’s market capitalization stands at $8.85 billion as of the time of writing, slightly exceeding DOGE’s market capitalization of $8.82 billion.
— ✌️Stanislaw (@_anvme_) August 17, 2023
Both cryptocurrencies have observed price declines within the context of a broader cryptocurrency market downturn, leading to a collective loss of over 6% of total value over the last 24-hour period. This has resulted in the overall market capitalization of the cryptocurrency space dropping to $1.1 trillion, marking its lowest point in at least two months.
This market downturn occurred amidst unconfirmed reports of SpaceX liquidating its Bitcoin holdings and the filing of Chapter 15 bankruptcy protection in the United States by Evergrande, a struggling property giant in China.
Despite these developments, analysts maintain an optimistic outlook for the cryptocurrency sector, offering specific price forecasts for both SOL and DOGE. Notably, Benjamin Cowen, a prominent cryptocurrency influencer with a subscriber base exceeding 780,000 on YouTube, has recently provided insights into Solana’s trajectory. Cowen suggested that Solana could experience a substantial rebound akin to Cardano’s ($ADA) performance during the previous bear market.
Similarly, recognized analyst Ali Martinez pointed out a robust price correlation between DOGE and SHIB over recent months. This correlation implies that when the price of one token fluctuates, the other often follows suit, potentially indicating that DOGE could trail SHIB’s price rally.