Solana's native token SOL gains 40 percent, hitting the $61 mark

As the weather around us continues to warm up, it seems that the crypto market is on the same track, with the market cap surging way above $2 trillion (£1.44 trillion). Not only that, but Ethereum's rival Solana (SOL/USD) surged nearly 40 percent in the last 24 hours, pushing it into the market's top ten in terms of value.

On the other hand, Ether's other competitors, including BNB and Cardano, kept making small gains periodically. However, Polkadot outperformed these tokens and showed as much as ten percent gains, as per the data compiled by CoinGecko. Meanwhile, the second most popular token, Ethereum, continued to cement its position above the $3000 (£2,163) mark since its upgrades.

What is Solana?

SOL is a native token of the Solana Foundation, which also runs a permissionless blockchain by the same name. Further, the company claims that its high-performance, the open-source program is high-performing and currently performs 50,000 transactions per second. However, As of now, it is working towards the goal of 710,000 transactions every second.

Solana's goals make it Ethereum's natural competitor, and it is also trying to win its market share. Interestingly, the company enjoys good relations with another prominent crypto exchange, FTX. Plus, the exchange runs its decentralized platform, Serum, on the Solana blockchain. Also, FTX's sister firm, known as Alameda Research, is an investor in SOL.

What about the rest of the market?

In the last 24 hours, the famous meme coin in the market, Dogecoin (DOGE/USD), gained more than ten percent following the eccentric billionaire and SpaceX's founder, Elon Musk, reaffirmed his support for the token.

Over the weekend, the crypto market with more than 11 thousand tokens listed achieved another milestone as the market cap surged to the $2 trillion (£1.44 trillion) mark. Plus, several major tokens made big moves in the last couple of days.

However, the market boom has not been good for the world's most famous token, Bitcoin. The token managed to break the $50,000 (£36,062) mark. Yet, many crypto experts suggest that this might still be in play, with big investors eyeing greater goals.