The smart contract platform Solana ($SOL) has recently overtaken the meme-inspired cryptocurrency Dogecoin ($DOGE) in terms of market capitalization, to now occupy the position of 8th largest digital asset by the metric.
According to available market data, the price of the meme-inspired cryptocurrency has dropped by 16.7% over the past week to now stand at $0.062, while the smart contract platform’s price dropped by 11.7% over the same period, to now stand at $21.7.
As a result, Solana’s market capitalization is at $8.85 billion at the time of writing, while DOGE’s market capitalization is standing at $8.82 billion.
Both cryptocurrencies have seen their prices drop amid a wider cryptocurrency market crash that saw the space lose over 6% of its value over the last 24-hour period, to now have a total market capitalization of $1.1 trillion, the lowest level in at least two months.
The crash came amid reports SpaceX sold all of its Bitcoin – even though these remain unconfirmed – and as China’s struggling property giant Evergrande filed for Chapter 15 bankruptcy protection in the United States.
Analysts have nevertheless been bullish on the cryptocurrency space, with specific price predictions being made for both SOL and DOGE. As reported Benjamin Cowen, a popular cryptocurrency influencer with a following of over 780,000 people on the Google-owned video-sharing platform YouTube, has recently shared insight into the trajectory of Solana, saying it could make a significant turnaround in a way similar to what Cardano ($ADA) did during the previous bear market.
Similarly, well-known analyst Ali Martinez noted that DOGE and SHIB have demonstrated a strong price correlation over recent months, and noted that this correlation suggests that when one token’s price moves, the other often follows suit meaning DOGE could follow SHIB’s price rally.
Featured image via Unsplash.
