Solana (SOL) Flips Ethereum on Multiple Fronts: Details

TL;DR

Solana (SOL) has seen a significant increase in its value throughout 2023, with notable growth, especially in mid-December. Google search interest in Solana has recently exceeded that for Ethereum, with particular popularity in countries like Spain and the Philippines. Along with its rise in search popularity, Solana has also seen a surge in trading volume and has outperformed Ethereum in certain other metrics.

Solana Takes the Lead

Solana’s price has exploded by 1,000% since January 1, hovering around $107 (per CoinGecko’s data) as of the moment. The token saw its value gradually increasing throughout the year, with the most rapid pace occurring in mid-December.

This could be one reason why Solana searches on Google have surpassed those for Ethereum since then. The former currently has an index of 56, while its rival is with 51. Google searches are usually a trailing indicator, which tends to increase after the price goes up.

Searches for Solana and Ethereum, Source: Google Trends

Solana has gained the most popularity in Spain and the Philippines. In contrast, the residents of Brazil, Poland, and Finland remain much more interested in Ethereum.

Google’s data shows that people from the countries searching for Solana have also shown significant interest in Bonk Inu (BONK) – a memecoin built on the network. The dog-themed crypto asset made the headlines earlier this month when its price reached an all-time high (ATH), whereas its market capitalization surged above the $2 billion mark.

It’s Not Just Google Searches

Besides becoming more popular on Google, Solana has succeeded in a few other fields. On-chain trading volume jumped to a peak of over $2.6 billion on December 22, staying above the $1.2 billion level until December 27, surpassing Ethereum’s.

Solana Trading Volume, Source: DefiLlama

In the past few days, however, ETH reclaimed its lead, registering a trading volume of more than $2 billion on December 28 versus $1.1 billion for Solana.

The non-fungible token niche also witnessed some shifts. Solana NFT sales volume hit almost $75 million in the last week, outpacing Ethereum, which comprised approximately $72 million. 

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