Solana Surges 11% to Become Fourth Largest Cryptocurrency, Liquidates Over $12 Million in Short Positions

Solana has surpassed Binance's BNB token to become the fourth largest cryptocurrency by market capitalization, with a current market cap of $92 billion. The price of Solana has surged 11% in the past day and gained 40% since last week. More than $12 million worth of Solana short positions have been liquidated in the past day, with over $1 million worth of short contracts liquidated in the past hour alone. However, the ecosystem has been facing issues with the SLERF meme coin launch, as a dev accidentally burnt $10 million worth of funds raised during a token presale.