Many industry insiders are now enthusiastic on the Solana ecosystem because to its pricing and the significant growth it has seen. Similarly, numerous Solana-based tokens have been among the top gainers over various durations, demonstrating outstanding results during this bull run.
Does Solana Use Memecoins as Its Main Drive?
After a day of growth of more than 12.8%, Solana is now the fifth biggest blockchain by Total Value Locked (TVL), according to statistics from CoinGecko. Solana has done better than its rivals during this period, notably Ethereum, which has had a 2.2% drop from yesterday.
There was a 35.3% increase in Solana's TVL in the 7-day period and an 89.8% increase in the 30-day period. The figure below shows that its performance was better than the four chains above it.
An opinion on the worth of memecoins and their respective networks was expressed by Franklin Templeton Digital Assets. The banking behemoth thinks memecoins are highly dependent on the success of their native networks.
Several meme currencies have had a meteoric rise in value in the last year, with the Solana-based BONK seeing the most dramatic jump in Q4 2023. Addresses of daily active users on Solana increased over 75% from Q3 to Q4 of 2023.
According to the asset management business, "the Solana network captured a large percent of the activity of all the active addresses during the same time that BONK saw a price surge" in Q4 2023, suggesting a possible link between the two.
The market capitalization of the tokens based on Solana grew by 5.5% from yesterday to nearly $222.36 billion, according to statistics from CoinMarketCap. Memecoins' success seems to have been a feather in the network's cap.
Solana chain tokens such "unlike cats and dogs" have been doing quite well as of late, while newer tokens like "dogwifhat," "Wen," and "Jupiter" are still making waves in the cryptocurrency market.
Among the most talked-about subjects in the community are tokens with animal themes, such as dogs and cats. The Solana-based Myro, Bonk, and Popcat coins are now surging in their respective sub-categories, according to CoinGecko Data.
"Cute dog with a crochet hat on to gathering a robust community seemingly able to back it up" is no longer an apt description of the token once dogwifhat (WIF) made its debut.
As proof of community support, the "wif on sphere" crowdfunding effort was able to raise nearly $650,000. For one week, the biggest LED screen in the world—the Las Vegas Sphere—will display the WIF logo thanks to the promotion.
The token's value has increased by 42.3% in the last 24 hours, reaching a new ATH of $3.36 this morning, after the announcement. Just 4.3% behind its all-time high, WIF is trading at $3.1 as of this writing.
