BNB flips SOL in market cap – Here’s how ‘memecoin mania’ was key

Recently, BNB reclaimed its position as the fifth largest cryptocurrency, with a market cap of 91 billion USD, while SOL stood at 73 billion USD. This transition is largely driven by shifting memecoin interest towards BNB Chain.

Solana has seen a drastic decline of 95% in its DEX volumes, dropping from 30 billion USD to just 1.4 billion USD. Conversely, BNB Chain’s DEX volumes have shown a slight increase, reflecting growing trading activity.

Despite these shifts, Solana retains more daily active addresses at approximately 4 million. However, the SOL/BNB ratio has dropped over 50%, indicating higher losses for SOL holders compared to BNB investors. There is potential for Solana to recover in the future.