Binance News: BNB Overtakes SOL in Market Cap Amid Memecoin Trends and ETH Faces Liquidations

Recent developments in the cryptocurrency market have seen significant shifts in market capitalization and liquidations, with BNB reclaiming its position as the fifth-largest cryptocurrency and Ethereum facing significant challenges.

BNB Flips SOL in Market Cap Due to Memecoin Mania

BNB reclaimed the fifth-largest cryptocurrency position by flipping Solana. The shift was driven by a change in memecoin trends, which moved from Solana to BNB Chain. According to CryptoQuant, the shift happened in mid-February, pushing BNB’s market cap to $91B and SOL’s to $73B. SOL remains at a pivotal point and can still regain lost ground.

Ethereum [ETH] Faces Significant Liquidations and Market Correction

About $165 million in long ETH positions were liquidated recently as an ICO participant deposited 1,700 ETH worth $3.18M into Binance. Despite ETH’s market cap, the network saw a decline in transaction activity, user growth, and fees/revenues. Leveraged traders encountered unexpected price declines, compelling them to sell assets. High-quality market liquidity could continue to push ETH’s price downwards, leading to greater price fluctuations.