Solana has just flipped Dogecoin, as the high-speed blockchain backed by Sam Bankman-Fried surges to new heights.

Solana tokens were trading for US$133.80 at lunchtime Sydney time, and had hit a fresh all-time high of $134.08 earlier this morning.

Its market cap of US$38.7 billion had edged Dogecoin’s US$38.3 billion as the No. 7 crypto. The meme token was trading down 4.0 per cent to US29.2c.

Solana’s gains came even as the larger crypto market pulled back modestly, falling 1.4 per cent to US$2.19 trillion. Bitcoin was down 2.2 per cent to US$48,710, having been able to sustain its move over $50,000 for only a few hours yesterday.

Ethereum was down 0.4 per cent to $3,764, and Cardano had dipped 1.5 per cent to US$2.93 after moving over $3 for the first time yesterday.

Iota was the biggest gainer among the top 100 coins, rising 31 per cent to a three-month high of US$1.56. Solana was second with its 19.4 per cent gains, followed by Holo.

On the flipside, derivatives exchange platform Perpetual Protocol was the biggest loser, declining 10.8 per cent after a strong run that has moved it into the top 100. PERP tokens were trading at $18.69, making it the No. 89 crypto.

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Massive gains for Star Atlas tokens

Tokens from the hotly anticipated, Animoca Brands-backed sci-fi metaverse game Star Atlas began trading last night — with huge gains for those lucky enough to bag one during their initial exchange offerings.

The ATLAS token, offered at 0.138c during its token offering a few days ago, was trading at 7.9c.

The Star Atlas DAO (POLIS) token, offered for US13.8c during the token sale, was trading for US$6.67

That’s roughly 48-fold gains for POLIS and 57-fold for ATLAS.

Tokenholders were limited to fairly small purchases during the coin offering, with a lottery system determining who could buy in.

The play-to-earn game is being built on Solana, featuring graphics from the Unreal 3D graphics engine used in many movies and bestselling videogames.