The dominance war is on. CoinMarketCap data shows that Solana and BNB Chain, two popular smart contracts platforms after Ethereum, are emerging as strong contenders.

In a post on X, one crypto analyst notes that SOL and BNB, the native currencies of Solana and BNB Chain, respectively, have been growing, subsequently expanding the market caps of their respective platforms. However, even with this price uptick, it has yet to attain the 5% level, a target for proponents of the two platforms. 

Will Solana Flip BNB To Fourth?

When the analyst shared the screenshot on March 14, BNB Chain, powered by Binance Coin (BNB), held a slight lead with a 3.34% dominance, while Solana trailed behind at 2.72%. 

However, Solana has been on a tear. Not only is the coin outperforming Bitcoin and Ethereum, but it has been expanding rapidly, faster than BNB in the past few trading weeks. When writing, CoinMarketCap data shows that SOL is trading above $170, a multi-month high.

Moreover, it is up 11% on the last trading day and 20% in the previous trading week. At this valuation, SOL’s market cap is up 12% to over $75 billion, cementing its position at fifth, trailing BNB.www.tradingview.com/x/s132jVXW

On the other hand, BNB remains at fourth, behind USDT–the most liquid stablecoin whose market cap stands at over $103 billion. BNB is up 2% the previous day but double digits in the past week of trading. Overall, the lack of inactivity, especially on the last trading day, means its total market cap, at over $90 billion, is stable, only adding 2% on the last day.

When comparing the performances of Solana and BNB, the former has the upper hand. For example, from September 2023, SOL gained over 200% versus BNB. BNB pared losses from January, but the revival in Solana, considering the success of meme coins, means SOL might extend gains in the future. 

Solana Rally On FTX’s Bankruptcy Case Proceedings, BNB Shakes Off Regulatory Woes

As the competition intensifies, the future remains uncertain. It’s unclear whether SOL will overtake BNB to claim the second most dominant smart contract spot after Ethereum.

However, at the time of writing, what’s certain is that the spike in on-chain activity on Solana and the unfolding events around the FTX bankruptcy case could bolster SOL prices. Therefore, it’s highly probable that Solana’s dominance might catch up with BNB as the race to the 5% level intensifies. 

In November 2023, Binance settled with United States regulators, including the Securities and Exchange Commission (SEC), agreeing to pay a $4.3 billion fine. As part of the deal, their co-founder, Changpeng Zhao, also had to resign as CEO. While BNB prices initially plunged, the token recovered steadily from the $300 level. 

The most important crypto traders on the Binance Good Chain (BSC) ecosystem are holding large quantities of two Ethereum (ETH) rivals, in keeping with a whale-watching web site.

New knowledge from WhaleStats analyzes the accumulating habits of the 1,000 largest BSC addresses excluding identified crypto exchanges.

The whale-monitoring platform places collectively an inventory of the highest 10 holdings of BSC whales by monitoring the tokens which have the best US greenback worth among the many investor group.

WhaleStats exhibits that BSC whales have amassed $3.21 million value of Binance Coin (BNB) on common to steer all digital property. BNB is the native utility token of world crypto change Binance.

Coming in at quantity two is the BTCB token, a crypto asset wrapped and pegged by Binance on a 1:1 ratio to Bitcoin (BTC). WhaleStats reveals that BSC whales personal $814,181 value of BTCB tokens on common.

Taking the third spot is Ethereum (ETH) with a median quantity held value $540,177.

Subsequent up are Ethereum challengers Polygon (MATIC) and Avalanche (AVAX), rating fourth and fifth with BSC whales accumulating $417,439 value of MATIC and $395,926 value of AVAX on common.

Grabbing the sixth slot is stablecoin USD Coin (USDC), adopted by Frax Share (FXS). FXS is used as a retailer of worth and within the governance of the Frax protocol. WhaleStats exhibits that BSC whales personal $325,601 value of FXS tokens on common.

Stablecoin True USD (TUSD) is available in at quantity eight, adopted by Venus ETH (vETH), a conveyable vToken issued by decentralized finance platform Venus (XVS).

Digital leisure platform Tron (TRX) rounds out the highest ten checklist.

WhaleStats additionally notes that the Ethereum, Avalanche, USD Coin and True USD holdings of BSC whales are wrapped and pegged by Binance on a 1:1 ratio to the corresponding crypto asset.

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