Solana Skyrockets: Riding the Meme Coin Wave Toward $100

The value locked within applications running on the Solana blockchain has seen a remarkable surge, jumping from the $400 million benchmark in November to an impressive $1.3 billion in tokens. This surge has surpassed previous levels noted in July 2022.

Solana's native cryptocurrency, SOL, made significant strides, nearing the $100 mark on a Friday, driven by sustained excitement surrounding the blockchain's efficient transaction capabilities, cost-effectiveness, and the ongoing influx of meme coin releases, now extending into its third week.

Analytical metrics point to Solana emerging as a preferred choice among on-chain traders, outpacing Ethereum, typically the leader, in both trading volumes and network fees on a seven-day rolling basis.

This synchronized growth in locked value has played a pivotal role in SOL's year-to-date gains, which have exceeded an impressive 830%, with the majority of this surge occurring in the last two months. Notably, despite significant selling pressure from the bankruptcy estate of FTX, a crypto exchange that held a substantial amount of SOL, the token showcased resilience, maintaining a trading value of approximately $94 during the European morning, according data.

The cryptocurrency landscape witnessed a resurgence of interest in dog-themed bonk (BONK), marked by an extraordinary 1,000% surge in late November. This resurgence triggered a wave of meme coins, including dogwifhat (WIF), attracting early retail buyers with gains surpassing 10,000% within a short period. WIF further bolstered its market capitalization by an additional 35% in the last 24 hours, indicating sustained momentum amid significant excitement in crypto circles.

Data reveals that opportunistic developers have introduced thousands of meme coins, most of which have seen their market capitalization rise from minimal levels to a few million.

Swooping In: The Birdeye Frenzy - Solana's Latest Meme Coins Surge in the Last 24 Hours  

In the weeks to come, numerous analysts anticipate that Solana's outstanding performance will persist, attributing this trend to the potential interest from retail investors as a primary driver of token growth.

"Solana is exhibiting a more gradual recovery compared to its major competitors, generating heightened interest within the community, which bodes well for its continued outperformance in the upcoming months,"

remarked Alex Kuptsikevich, FxPro's senior market analyst, in a Friday communication to Bitsday. Kuptsikevich also emphasized a notable 250% surge in Google searches on Solana over the past two months, aligning with the asset's remarkable growth and the escalating prices of associated meme coins.

He added, 

"The Solana blockchain continues its robust growth, marked by the introduction of new protocols and recent airdrops such as BONK, ACS, and JTO to Solana users in recent weeks."

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