Solana is dominating the memecoin sector with an immensely high share of the overall trading volume in the last 3 months. As shared on X by Ilmoi, the founder of Tensor, Solana has contributed 94.9% of all memecoin trading volume in the last 90 days.
Ethereum, on the other hand, has only contributed 3.4%. Base contributed 1.1% while Binance Smart Chain (BSC) contributed 0.5% in the same period. However, all the three combined contributing a percentage nowhere near Solana.
The substantial increase in investor attention towards Solana-based memecoins coincides with the blockchain’s quick fast transaction speeds and low transaction fees. Additionally, it proves Solana as a perfect blockchain for memecoins which are now rising in popularity across the crypto sector.
New Memecoin Launches Driving Volume
New token releases including notable projects like $TRUMP and $MELANIA have contributed to the increased memecoin volume share. These newly issued memecoins have achieved widespread popularity which has cemented Solana’s position in the crypto market.
$TRUMP memecoin which launched on Jan. 17, for instance, caused an uproar among memecoin enthusiasts pushing widespread attention to the coin. Despite the coin’s price plunging post-Trump inauguration, its volume currently stands at 4.98 billion. This indicates a 19.53% surge in the last 24 hours according to live data on coinmarketcap.
Solana’s Growth Beyond Memecoins
In addition to leading memecoins Solana is maintaining robust expansion across stablecoins. The stablecoin supply on Solana networks successfully reached the record $10 billion mark.
Over the last one year, SOL’s Total Value Locked has also experienced an increase of over 800%. It currently has a TVL of 11.84 billion according to DeFiLlama. This metric shows Solana’s increased use case in various sectors.
Raydium, the leading decentralized exchange (DEX), has played a significant role in SOL’s TVL growth. The Raydium DEX contributed $2.96 billion of the total TVL over the last year.
Current SOL Price Performance
As of the time of writing, the daily chart on TradingView indicates that SOL is currently trading at $258.87. This marks a 4.51% surge in the day.
Solana’s trading volume in the last 24 hours stands at $4.47 billion showing 35.93% decline in the same period. Additionally, its current market cap stands at $125.82 billion according to coinmarketcap data.
Solana’s Future Prospects
The success of SOL in the memecoin market indicates ongoing developments throughout the blockchain technology industry. The crypto could further rise in the crypto sector, owing to the potential Grayscale Solana ETF approval.
Polymarket data indicates that the Grayscale SOL ETF has a 89% chance of getting approved. The high probability rate anticipates growing institutional investment in Solana which will fuel its market leadership.
If approved, institutional investors who seek exposure to SOL will benefit from more secure and transparent investment opportunities. More capital will enter Solana’s ecosystem as it gets traded across national exchanges.
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