Solana Memecoins Soar on Growing Network Activity
25 Jul, 2024 ● Coin news
Memecoins within the Solana ecosystem have experienced significant gains over the past week, outperforming the broader crypto market.
Data from CoinGecko shows that the total market capitalization of memecoins on the Solana blockchain surged to $9.2 billion by July 24.
Cat in Dogs World (MEW) led the weekly gains, rising 82% over the last seven days and 1.4% in the last 24 hours.
Gigachad (GIGA) followed with a 45.5% increase over the past week and 9% in the last 24 hours.
Dogwifhat (WIF), the largest Solana-based meme token by market capitalization, saw a 1.8% price increase on the day and a 21.5% rise over the week, bringing its market cap to $2.54 billion.
WIF still represents nearly a third of Solana’s total memecoin market value.
The recent price surge in MEW was spurred by a July 23 X post from WhiteBIT, a Ukraine-based crypto exchange, announcing its listing of the memecoin.
Demex, a Cosmos-based decentralized exchange, also announced the listing of MEW.
The bullish trend in Solana memecoins reflects broader investor sentiment toward the sector.
A recent report by CoinGecko highlighted that the asset class has become one of the top narratives in Q2/2024.
The rally in Solana memecoins demonstrates the increased relevance of the layer-1 ecosystem, indicating that investor sentiment toward the Solana network is backed by rising development activity and genuine user engagement rather than mere speculation.
This potential is further supported by high transaction volumes and growth in DeFi applications (DApps).
Data from DefiLlama shows that Solana’s volume reached $2.54 billion on July 19, up from $603.8 million on June 29.
The blockchain’s all-time high volume is $3.8 billion, set on March 15.
Additional data from The Block indicates a sharp increase in the number of active addresses on the Solana network over the past two weeks.
More than 2 million active addresses were recorded on July 23, a 72% increase from the 1.45 million recorded on July 10.
Sources;
https://cointelegraph.com/news/mew-wif-and-solana-memecoins-soar-amid-increasing-network-activity
https://x.com/WhiteBit/status/1815738270594040271
https://x.com/demexchange/status/1815948516377907293
