April 19, 2024
Solana Approaches $100 Fueled by Ongoing Memecoin Enthusiasm
Latest Cryptocurrency News

Solana Approaches $100 Fueled by Ongoing Memecoin Enthusiasm

Solana’s SOL surged toward $100, driven by enthusiasm for its rapid transactions, low fees, and meme coin lottery. The blockchain’s appeal surpassed Ethereum’s, evident in trading volumes and network fees exceeding Ethereum’s on a seven-day rolling basis.

The value locked in Solana applications soared from $400 million in November to $1.3 billion, reaching levels last observed in July 2022. Despite substantial selling pressure from FTX crypto exchange’s bankruptcy estate, SOL maintained strong buying pressure, boasting year-to-date gains of over 830%, primarily in the last two months. Currently trading around $94, SOL’s performance is a testament to its resilience.

The popularity of dog-themed token bonk (BONK) triggered a 1,000% surge in late November, sparking a wave of meme coins like dogwifhat (WIF) with gains exceeding 10,000% in a short span. WIF added 35% to its market capitalization in the last 24 hours, sustaining the momentum amid significant crypto hype.

Solana’s outperformance is expected to persist, with analysts attributing it to potential interest from retail investors. Alex Kuptsikevich, the FxPro senior market analyst, noted that Solana’s recovery and community interest position it favorably in the market.

“Google searches on Solana have soared 250% in the past two months,” Kuptsikevich stated, correlating user interest with the asset’s explosive growth and rising meme coin prices. The Solana blockchain’s robust growth is highlighted by new protocols and recent airdrops, including BONK, ACS, and JTO distributed to Solana users recently.

The surge in meme coins on Solana reflects developers’ opportunistic issuance of thousands of tokens. While starting with low market capitalization, some of these coins experience rapid appreciation to a few million.

Solana’s trajectory, marked by rising user interest, continued protocol growth, and sustained meme coin activity, positions it as a standout performer in the crypto market, with analysts foreseeing continued strength in the weeks ahead.

Image by Freepik

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