Sokipiriye Dokubo
Memecoins in the Solana ecosystem are showing impressive growth, surpassing the overall cryptocurrency market with significant weekly gains in double digits.
The total market capitalization of memecoins on the Solana blockchain has surged to $9.2 billion as of July 24, as reported by CoinGecko.
Standout Performers
Leading the pack is Cat in Dogs World (MEW) with a remarkable 82% increase in the past week and a 1.4% rise in the last 24 hours.
Following closely is Gigachad (GIGA) with a 45.5% weekly gain and a 9% rise in the past 24 hours.
Dogwifhat (WIF), the largest Solana-based memecoin, witnessed a 1.8% daily increase and a 21.5% rise in the week, pushing its market cap to $2.54 billion, representing nearly one-third of Solana’s memecoin market value.
Reasons Behind the Surge
The recent spike in MEW’s value can be attributed to its listing on WhiteBIT and Demex, drawing support from investors and contributing to its upward momentum.
Market Sentiment
The positive performance of Solana memecoins suggests a growing investor interest in this asset class, with memecoins identified as a top narrative in the cryptocurrency market in the second quarter of 2024.
Solana Network Activity on the Rise
The surge in Solana memecoins underscores the increasing significance of the Solana layer-1 ecosystem, driven by growth in development activity and user engagement, beyond mere speculation.
The network’s transaction volumes have seen a substantial increase, with Solana’s volume reaching $2.54 billion on July 19, compared to $603.8 million on June 29, hitting an all-time high of $3.8 billion on March 15.
Data also indicates a notable increase in active addresses on the Solana network, with over 2 million active addresses recorded on July 23, marking a 72% rise from July 10.