Solana (SOL) Overthrows Terra (LUNA) to Become 8th Largest Cryptocurrency

Solana (SOL) Overthrows Terra (LUNA).

Solana (SOL) has reclaimed its eighth spot in the global cryptocurrency rankings after overtaking Terra (LUNA) earlier today. 

The cryptocurrency has recorded a sensational rally in the last 24 hours, seeing it surge above 20.5% in the past day. 

At the time of writing, Solana is the eighth-largest cryptocurrency with a market capitalization of 34.8 billion, while Terra is now the ninth-largest coin in the global crypto ranking with a market valuation of $34.1 billion. 

A unit of SOL is currently changing hands around $108.36 across major and minor exchanges. 

It is worth noting that Solana was ranked behind Terra throughout this month and seems to be sitting behind the cryptocurrency, which gained massive adoption toward the end of last month. 

What’s Fueling Solana Rally

Several reports were instrumental in Solana’s massive rally. Last week, Solana was in the news for positive reasons after Grayscale Investments announced the launch of a smart contract platform fund for selected cryptos, including SOL with a lucrative ROI. 

At the same time, CoinShares, alongside cryptocurrency exchange FTX, collaborated to launch a physically-settled exchange-traded product (ETP) for Solana, a move that pushed its price above 5% moments after the announcement was made. 

The team behind Solana was clearly in no mood for relaxation when they announced a partnership with the creators of the popular video game PUBG: Battlegrounds, in a bid to develop and market more blockchain games.