'Ethereum killer' Solana is on track to join the prestigious '$100 billion club,'

The market capitalization of the fourth-largest cryptocurrency currently stands at $96.8 billion. The token is up by 1.3% over the past 24 hours.

Ethereum competitor Solana is close to joining the exclusive "$100 Billion Club," according to Bitwise CEO Hunter Horsley.

The fourth-largest cryptocurrency now has a market capitalization of $96.8 billion. Over the past 24 hours, the token has gained 1.3%.

Earlier this year, Solana became a focal point for a meme coin craze. According to data from Dune Analytics, Pump.fun, a Solana-based meme coin factory, has seen $1.9 billion in volume over the past two weeks. Furthermore, the popular token issuer has now collected over 1.1 million SOL in total fees. More than 3.1 million tokens have been created on the wildly successful platform.

Solana is also gaining more institutional interest in the U.S., despite its meme status. As reported by U.Today, there are several proposals pending to launch a Solana ETF in the U.S. The first product was proposed by New York-based investment giant VanEck in late June.

The $100 Billion Club

Bitcoin, Ethereum and Tether (USDT) are the only cryptocurrencies that are currently valued at more than $100 billion.

Bitcoin recently surpassed tech giant Meta in market cap after its recent price surge, as reported by U.Today.

Solana (SOL) is also now likely to join this club imminently. BNB, the fifth-largest cryptocurrency, managed to cross $100 billion back in November 2021. It may achieve this feat once again alongside Solana if the rally continues.

XRP is another cryptocurrency that was once valued at $100 billion; it managed to reach that milestone in January 2018. However, it is currently valued at $28.9 billion, making it highly unlikely that it will be able to rejoin the coveted club anytime soon.

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