According to U.Today: Solana (SOL) has overtaken PayPal in valuation following a 5.51% increase in its price over the past week, reaching $175.3. This rise propelled Solana’s market capitalization to approximately $83.56 billion, slightly surpassing PayPal, which sits at $83.52 billion, as per Yahoo Finance. This development highlights the growth of Solana, figuratively positioning it as more valuable than PayPal, the largest electronic debit payment system founded in 1998 with contributions from Elon Musk.
Market Capitalization Differences Between Solana and PayPal
While this milestone is notable, it is essential to distinguish between the market capitalizations of Solana and PayPal. The market cap for Solana, a digital asset, is driven by network activity, token utility, and market sentiment, while PayPal’s valuation reflects projected future revenue and tangible assets. Despite these fundamental differences, Solana's rapid ascent underscores its strong presence in the cryptocurrency market.
SOL's Meteoric Rise in the Past Year
Since its rise began in October last year, Solana has experienced substantial growth, increasing by 847.26% over 147 days after fluctuating within a range of $17.89 to $30.36. This latest achievement solidifies Solana’s role in the digital asset space as it continues to draw attention from investors and institutions alike.
