Recently, the activity of Solana network has increased sharply, and the outstanding performance of Memecoin has become a key factor driving the rise of SOL currency price. According to statistics, from October 11th to 18th, the price of SOL achieved a significant growth of 12.1%. This trend is largely due to the continued increase in demand for Memecoin. As demand increases, the Solana network’s capacity, transaction fees, and total value locked (TVL) are all trending upward.
It is worth noting that Solana has performed particularly well in terms of decentralized exchange (DEX) transaction volume, surpassing Ethereum, showing its significant advantages in low transaction fees and high validator capacity. This competitive advantage provides strong support for the further increase in the price of SOL currency.
Although there is still controversy about the sustainability of the Meme craze, Solana's growth potential in multiple fields cannot be ignored. Especially in areas such as artificial intelligence infrastructure and Web3 applications, Solana is gradually showing its unique value and influence.
From the specific data, affected by the Meme craze, various Meme coins on the Solana network achieved a sharp rise in October. For example, GOAT's market value soared to $400 million in a week, while SPX, APU, and FWOG also achieved amazing increases of 379%, 170%, and 134%, respectively. The rise of these Meme coins not only attracted a lot of attention from social networks and media, but also formed a positive feedback loop, further promoting the activity of the Solana network.
In addition, Solana's total locked value (TVL) has also shown a steady growth trend, recently soaring to a two-year high of nearly 41 million SOL. Meanwhile, the TVL of Ethereum and BNB Chain is relatively stable. On the Solana network, projects such as Raydium and Sanctum have performed particularly well, with deposits increasing by 70% and 32% respectively.
In terms of measuring SOL price demand, on-chain activity data is also important. The strong performance of the Solana network in DEX trading volume further consolidates its leading position in the industry. Compared with its competitors, Solana's DEX trading volume has increased by 43% week-on-week, far exceeding Ethereum and its second-layer solutions such as Arbitrum.
Although the soaring trend of the Meme sector is difficult to predict, the competitive advantages and growth potential of the Solana network provide strong support for the further increase in the price of SOL. In the future, Solana is expected to achieve broader development prospects in multiple fields such as artificial intelligence infrastructure, Web3 applications, games, and prediction markets.
