Crypto:
30253
Bitcoin:
$66.089
% 0.26
BTC Dominance:
%54.0
% 0.46
Market Cap:
$2.41 T
% 1.30
Fear & Greed:
74 / 100
Bitcoin:
$ 66.089
BTC Dominance:
% 54.0
Market Cap:
$2.41 T

Solana Soars: Market Cap Hits ATH Fueled by Memecoin Mania

Solana

Solana’s market cap reaches an all-time high of $81.1 billion, with a 10% surge in price amid memecoin frenzy. The cryptocurrency’s previous record was $77.9 billion in November 2021.

Solana‘s price soared by 10% over the past 24 hours to $183.55 by 9:30 a.m. Turkey time, although its all-time high of $259.96, set in November 2021, remains a distant target.

According to Benjamin Stani, Director of Business Development at Matrixport, the surge in SOL’s price is driven by memecoin activity on the chain. Solana-based memecoins such as Dogwifhat, Popcat, and Bonk have seen significant gains recently, with Dogwifhat jumping 20%, Popcat surging 35%, and Bonk adding 10%.

Stani noted that Bonk and Dogwifhat are the first non-Ethereum meme tokens to achieve billion-dollar market capitalization on Solana, indicating clear usage for the network and dispelling doubts about the relevance of non-EVM chains.

Clay Robbins, Co-founder of Colosseum, highlighted that memecoins are enjoying a surge in popularity on Solana due to their fun and accessible nature.

Earlier this week, the Solana network set a new record for the daily number of new addresses on the blockchain, reaching 738,040 based on a seven-day moving average.

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