Ethereum’s most feared cryptocurrency, Solana ($SOL), is facing stiff competition from new scaleable Layer 1s that are growing in price at a much quicker rate.
In the last 24 hours, the $73 billion market cap Solana outperformed market leader Bitcoin ($BTC). $SOL added 1.2% to hit its current price of $157.
Bitcoin only rose nominally over the same period. $BTC added 0.4% and currently trades for $63,773.
Sui ($SUI) and Sei ($SEI) both outpaced Solana in the last 24 hours.
The two similarly-named projects are unaffiliated, but both Layer 1 tokens have been rising in tandem recently.
Sui rose 9.2% overnight and currently trades at $1.90—a tantalising 12.5% short of posting a new all-time high—while Sei added 3.1% to change hands at $0.4805.
Like Solana and Ethereum, Sui Network deploys high-functionality smart contracts, enabling developers to build a world of decentralized applications (dApps) offering services from financial services to gaming.
Meanwhile, Sei is an eponymous Layer 1 protocol that provides infrastructure for building decentralized exchanges (DEXs).
The Billion Dollar Question: Is $SOL On The Way Out?
Generally speaking, a cursory glance at the tokens’ market caps highlights just how far Sui and Sei have to climb to challenge Solana’s dominance.
Sui currently has a market cap of $5.2 billion while Sei’s is $1.7 billion, meaning neither of them have cornered even a tenth of Solana’s market cap.
However, Solana has been in a jam since a market-wide crash on August 5 bottomed its price at $110.
Since then, new resistance has formed around $160, as highlighted by the red horizontal line. Recent bottoms suggest support has formed around $120, as shown by the horizontal green line.
Not even the Federal Reserve’s recent rates cut announcement has been able to lift Solana out of its narrow straits. A relative strength index (RSI) of 56 and rising suggests some healthy buying activity, with some headroom that could potentially lift Solana a leg higher, but that will be dependent on a propitious news cycle.
Beyond Layer 1s: Put Meme Coins to Work With Crypto All-Stars
It’s too early to say whether any of these coins can dethrone Solana’s $SOL as the leading Layer 1 altcoin, but competition is fierce from other leading Layer 1s, like Toncoin, Cardano and TRON, so onlookers can expect a tight race.
However, over in the rally-rich fields of the meme coin sector, inspectors are diversifying their portfolios with protocol tokens that are adding new utility and generating rich rewards for stakers.
One such project—a unified staking protocol for meme coin fans—is Crypto All-Stars ($STARS) a revolutionary platform that brings together the most celebrated meme coins in one place.
Holders of Pepe Coin, Dogecoin, Shiba Inu, Floki Inu, Based Brett, MogCoin, Milady, TurboToken, Toshi The Cat, Coq Inu, and BonkCoin can stake them in the MemeVault and earn passive income in the form of $STARS with a rewards rate currently set at 788%.
The team has allocated 20% of the tokens for its presale; the other 25% is for presale staking, 20% for marketing, 10% CEX/DEX listing, and the remaining 25% for the MemeVault ecosystem.
The project has gained so much popularity that its presale has already raised $1.9 million.
Following the purchase, investors can begin staking for rewards and claim the tokens once the presale ends.
Head to the website to buy $STARS with ETH, USDT, BNB, or even by card.
Follow Crypto All-Stars on social media – X (Twitter) | Telegram to stay up-to-date on all the developments.
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