After a brutal Black Monday-style crash that sent crypto markets spiraling, a sharp and sudden recovery is now underway—and Solana appears to be leading the charge. Currently ranked #7 on CoinGecko with a market cap of $56.12 billion, SOL is inching closer to overtaking USDC, the world’s second-largest stablecoin by market cap, which stands at $60 billion.
Solana is now just about 7.16% away from flipping USDC in market cap. With SOL currently trading at $109.24 and gaining nearly 11% in the past day alone, it wouldn’t take much more momentum for it to pull ahead. What’s more telling is the spike in trading volume—over $8 billion in the last 24 hours, up more than 50%. That kind of surge usually signals a wave of investor interest and growing confidence in the market’s direction.
There is no such major price movement in USDC but it’s price touched $1, with market cap of $59.99 billion, dropping almost 1% and 24-hour trading volume surged 20.79%, valuing at $21.32 billion.
A big part of this renewed excitement is tied to the memecoin craze, which has found a home on pump.fun—a launchpad that runs entirely on the Solana network. While memecoins are often brushed off as hype-driven distractions, they’ve triggered a huge spike in on-chain activity. And since interacting with them requires SOL, the demand for Solana has naturally followed.
As crypto rebounds from one of the steepest dips in recent memory, investors are showing renewed risk appetite. Many altcoins have posted double-digit gains in the last 24 hours alone, pushing the global crypto market cap to $2.52 trillion—a 5.18% increase from the day before.
According to a long-time trader and analyst, Solana flipping USDC isn’t just likely, it’s almost inevitable. “Yes definitely, the price of SOL rising above $120 would make it surpass USDC’s market cap,” the analyst said. “The supply of USDC is not going to increase drastically and so wouldn’t its market cap. But SOL’s market cap could increase significantly—it’s likely to compete with that of BNB and XRP in a potential reversal coming ahead.”
What’s even more interesting is the relationship between the two tokens. Even as Solana races to overtake USDC in market cap, it’s worth noting that USDC is actually flourishing on the Solana network. Circle recently minted an additional 250 million USDC directly on Solana, adding to an already hefty supply of stablecoins on the chain. Even as Solana pushes to surpass USDC in market cap, it’s interesting to see USDC itself thriving on the Solana blockchain.
Circle recently minted another 250 million USDC directly on Solana, adding to the already substantial amount of stablecoins circulating there. It’s a subtle but strong indication that institutions are increasingly relying on Solana’s fast, scalable, and cost-effective infrastructure for real-world payments and financial transactions.
If the current market momentum holds and memecoin mania continues to pump volume through Solana’s veins, it’s not a matter of if SOL flips USDC—but when.
And judging by how fast things are moving, that moment may be closer than anyone expected.
Also Read: Cardano Surpasses Bitcoin and Ethereum in Institutional Inflows
