- Solana blockchain’s memecoins have made headlines with their significant rallies.
- The increased interest in cryptocurrencies has revitalized the Solana blockchain, with transactions reaching remarkable highs.
- According to DefiLlama, Solana’s blockchain recorded a transaction volume of $2.541 billion on July 19, highlighting its activity surge since June 7.
Catch up on the latest surge in Solana’s memecoins unleashing a frenzy in the crypto market. Explore the driving factors behind these movements and their implications for investors.
Solana Blockchain Sees a Boost from Memecoins
The Solana blockchain has experienced a renewed surge of activity, largely propelled by memecoins like dogwifhat (WIF), Bonk (BONK), and cat in a dogs world (MEW). In recent times, Solana managed to record a significant transaction volume of $2.541 billion on July 19, which is the highest since early June. This boost underscores the increasing investor interest in cryptocurrencies and the resultant impact on Solana’s blockchain activity.
Memecoin Phenomenon: Noteworthy Surges
The cryptocurrency market has continued its upward trajectory, with the leading cryptocurrency Bitcoin (BTC) surging by over 15% in the past week. This positive trend has translated into substantial monetary flows into altcoins, particularly into Solana-based memecoins. CoinGecko data highlights that these memecoins amassed an impressive $2.304 billion in transaction volume over the past 24 hours alone.
Top Performers and Significant Gains
Among the memecoins on Solana, cat in a dogs world (MEW) stood out with a remarkable 31.1% increase in the last 24 hours, recording a transaction volume of $123 million. Over the past week, MEW has surged by an astonishing 62% during what is considered a recovery phase. Additionally, the top nine Solana memecoins, in terms of market cap, exhibited upward momentum.
Performance Metrics of Key Players
Other memecoins have also shown notable gains over the past 24 hours. Bonk (BONK) rose by 10.8%, Popcat (POPCAT) by 14.2%, dogwifhat (WIF) by 4.5%, michi ($MICHI) by 29.4%, and BOOK OF MEME (BOME) by 2.2%. The past week’s performance of these memecoins has been equally impressive, with the top nine registering gains ranging from 21.4% to as high as 157.8%. These metrics signify the vibrant nature of Solana’s memecoin market.
Conclusion
In summary, the resurgence of memecoins on the Solana blockchain has caught the attention of the crypto community. The notable transaction volumes and significant price hikes underscore the increasing interest and activity within this segment. As always, it’s crucial for investors to conduct thorough research and consider the inherent risks involved in the volatile cryptocurrency market.
