The Popularity of Memecoin Trading and Speculation Drives On-Chain Volumes to New Highs on Solana
The popularity of memecoin trading and speculation on Solana has led to a new all-time high in on-chain volumes. On Friday, volume on Solana exceeded $3.79 billion, surpassing its previous all-time high of $2.85 billion set earlier this month. Saturday also saw high volumes, with $3.44 billion recorded. The current 24-hour volume stands at $3.61 billion.
In addition to high volumes, other metrics on the Solana network are also showing positive trends. The seven-day moving average of active addresses reached 1.2 million, the highest since June 2022. Similarly, the number of new addresses on the network is surging to new all-time highs, with nearly 870,000 new addresses recorded.
Driving Activity: Memecoins and Presales
The surge in activity on Solana can be attributed to the ongoing memecoin rush and presales:
Memecoins
- The latest token gaining attention is Book of Meme (BOME), which has seen a staggering 1500% increase in value since its recent launch on Binance.
- Other memecoins like Dogwifhat and BONK continue to record significant volumes as new memecoins are constantly being created.
Presales
Presales have also become popular on Solana:
- An artist known as Kero launched a presale that rapidly accumulated nearly 55,000 SOL (equivalent to $10.66 million). This presale gained attention after the artist admitted they had no idea what they would create when initially polling their audience on Twitter.
- However, some presales have been accused of being scams, while others have been verified as scams.
Solanaโs Total Fees and Market Capitalization
Alongside the high volumes and increased activity, Solanaโs total transaction fees have reached new all-time highs. On a single day, the total fees paid amounted to $3.83 million or 20,350 SOL.
Furthermore, Solanaโs market capitalization hit a new all-time high on March 15, with SOL currently trading around $193.
Hot Take: The Impact of Memecoin Trading and Speculation on Solana
The surge in memecoin trading and speculation has had a significant impact on Solana:
- On-chain volumes have reached new all-time highs, exceeding $3.79 billion.
- The number of active addresses on the Solana network has also increased to 1.2 million, the highest since June 2022.
- New addresses are being created at a rapid pace, with nearly 870,000 recorded in a single day.
- Total transaction fees have risen to new highs, reaching $3.83 million in a day.
This surge in activity can be attributed to the popularity of memecoins and presales on Solana. Memecoins like Book of Meme (BOME) have seen significant returns on investment, while presales by artists like Kero have accumulated millions of dollars. However, there are concerns about scams and fraudulent projects in the memecoin space.
Despite these concerns, Solanaโs market capitalization has reached new highs, reflecting the growing interest and adoption of the blockchain. With its competitive transaction fees and scalability, Solana continues to attract traders, speculators, and developers alike.
Theon Barrett shines as a distinguished crypto analyst, accomplished researcher, and skilled editor, making significant strides in the field of cryptocurrency. With an astute analytical approach, Theon brings clarity to intricate crypto landscapes, offering insights that resonate with a broad audience. His research prowess goes hand in hand with his editorial finesse, allowing him to distill complex information into accessible formats.