Solana Chain Thriving on Memecoins
The Solana ecosystem has been experiencing significant growth, with the price of SOL attracting bullish sentiment from experts. Additionally, Solana-based tokens have been performing impressively during the current bull run, with many of them ranking among the top gainers in various timeframes.
Solana Outperforms Competitors in TVL Growth
According to data from CoinGecko, Solana currently holds the fifth position as the largest blockchain by Total Value Locked (TVL), with a growth rate of over 12.8% in the past day. In comparison, Ethereum has seen a decrease of 2.2% since yesterday.
Over the course of seven days and 30 days, Solana has experienced TVL growth rates of 35.3% and 89.8% respectively, surpassing the performance of other chains. This can be seen in the chart below.
Franklin Templeton Digital Assetsโ Perspective on Memecoins
Franklin Templeton Digital Assets recently shared its perspective on the value of memecoins and their impact on native networks. The asset management firm believes that there is a strong correlation between memecoins and the performance of their respective chains.
In the last year, we have witnessed multiple meme coins experiencing parabolic surges, particularly Solana-based BONK during Q4 2023. During this time period, Solanaโs daily active user addresses increased by 75% quarter over quarter from Q3 to Q4 2023.
The firm suggests that the connection between memecoins and native networks is further supported by the fact that โthe Solana network captured a large percentage of all active addresses during the same period in which BONK saw a surge in priceโ in Q4 2023.
Solana-Based Tokens Experience Market Capitalization Increase
According to CoinMarketCap data, the market capitalization of Solana-based tokens has increased by 5.5% in the past day, reaching over $222.36 billion. The strong performance of memecoins seems to have had a positive impact on the networkโs overall market capitalization.
Tokens on Solana Chain Show Impressive Performances
Tokens on the Solana chain have been delivering remarkable performances, with newer tokens like dogwifhat, Wen, and Jupiter making waves in the crypto market.
In particular, dog- and cat-themed tokens have been trending within the community. Myro, Bonk, and Popcat, which are Solana-based tokens, have gained significant attention within their respective sub-categories.
dogwifhat Takes Center Stage in Las Vegas
Since its launch, dogwifhat (WIF) has garnered support from a strong community. The token has gone from being a cute dog wearing a crochet hat to becoming a significant player in the crypto space.
The โwif on sphereโ fundraiser campaign raised over $650,000, showcasing the communityโs backing. As a result, WIFโs icon will be displayed on the worldโs largest LED screen in Las Vegas for a week.
Following this news, the token reached a new all-time high (ATH) of $3.36, representing a 42.3% increase in the last 24 hours. Currently, WIF is trading at $3.1, only 4.3% below its ATH.
Jupiter Partners with Wen
Jupiter (JUP) recently announced its partnership with cat-themed token WEN. The collaboration between the Jupiter Work Group (JWG) and the WEN Work Group aims to amplify crucial messages through awesome vibes and content.
Following the news, both tokens experienced price surges. WENโs price rose above $0.00040 in the early hours of the day and is currently trading at $0.00038, reflecting a 12.5% increase in the last 24 hours.
JUP also reached a new ATH of $0.988, almost hitting $1. The token is currently trading at $0.948, with a price surge of 12.8% in the past day. Its daily trading volume has increased by over 58%, with a total of $418.04 million being traded.
Hot Take: Solanaโs Memecoins Drive Growth
The growth of Solanaโs ecosystem has been fueled by the success of memecoins on the network. Solanaโs performance in terms of TVL growth and market capitalization is a testament to the impact of these tokens.
Tokens on the Solana chain, especially those with dog and cat themes, have attracted significant attention and investment. The success of tokens like WIF and WEN showcases the potential for growth within the Solana ecosystem.
As the popularity of memecoins continues to rise, it will be interesting to see how Solanaโs ecosystem evolves and adapts to meet the demands of this growing market.
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