Solana price has suffered a harsh reversal this month as one of the best layer-2 blockchain came under intense pressure. The SOL token plunged to a low of $160 this week, much lower than the year-to-date high of near $300. Let’s explore some of the best Solana rivals to buy.
Best Solana rivals to buy as SOL price crashes
Solana price has crashed because of the ongoing performance of its ecosystem and the fear that it has become the top blockchain for scams. That’s because Solana has become the most popular blockchain network for meme coin creation, thanks to Pump.fun.
Solana meme coins have become a hotbed of rug pull scams and pump and dump. This happens when creators launch meme coins, pump them, and then sell, leaving many investors at a loss.
Many prominent people, including Donald Trump and Melania have done that. Just recently, there was a scandal when Javier Milei promoted Libra meme coin and it collapsed.
The implication of this is that many developers of utility networks may opt for other blockchains. Also, there is a risk that network activity in Solana will crash. Indeed, data shows that the volume in Solana DEX networks dropped by over 30% in the last 7 days. So, here are the best Solana rivals to buy.
Binance Coin (BNB)
Binance Coin, popularly known as BNB is one of the best Solana alternative to buy. That’s because the BSC Chain has become one of the fastest-growing networks in the crypto industry. BSC has over 840 dApps in its ecosystem and a total value locked (TVL) of over $5.58 billion.
Unlike Solana that releases tokens worth millions of dollars each day, BNB burns them. BNB has a daily token burn associated with its ecosystem and a quarterly one that focuses on block rewards. The latter approach burns tokens worth over $1 billion a quarter.
BNB price is typically not correlated with Bitcoin, and has formed a cup and handle pattern pointing to further gains ahead.
Read more: BNB price prediction as BSC chain flips Solana and Ethereum
Berachain (BERA)
Berachain is another top Solana rival to consider because of its strong ecosystem growth. It is a popular blockchain that houses numerous features, including HONEY, a fast growing stablecoin.
Berachain launched its airdrop last week and the BERA token crashed before eventually bouncing back.
It is a good SOL rival because of its strong ecosystem. It has 32 dApps and a total value locked (TVL) of over $3.18 billion. Its stablecoin market cap has jumped from less than $900 million earlier this week to over $1.12 billion today.
Therefore, Berachain’s ecosystem growth may help it to become a viable alternative to Solana and other chains later this year.
Sonic (S)
The other potential Solana rival is Sonic, formerly known as Fantom. Sonic price has surged by double digits from its lowest level after its airdrop.
This surge happened as the Andre Kronje project continued to attract developers. It now has 78 dApps in its ecosystem and a total value locked of $690 million and $144 million in stablecoins.
The biggest dApps in the Sonic ecosystem are Silo Finance, Beets, Avalon Labs, and Shadow Exchange. This trend may continue later this year as more developers join.
Other top SOL rivals to consider
There are many other SOL rivals to consider. The most notable ones are Sui, Arbitrum, Aptos, Tron, and Hyperliqid. Hyperliquid (HYPE) has become the biggest player in the perpetual futures industry.
Arbitrum is the second-biggest layer-2 network in the industry after Base. Tron is the most profitable players in the blockchain industry.
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