The Solana ecosystem has experienced notable growth, and SOL’s price has turned many experts bullish on it. Similarly, the Solana-based tokens are showing impressive performances during this bull run, with many being among the top gainers in different timeframes.
Solana Chain Driven By Memecoins?
According to CoinGecko data, Solana is currently the 5th largest blockchain by Total Value Locked (TVL), registering over 12.8% growth in the past day. During this timeframe, Solana has outperformed its competitors, including Ethereum, which has registered a 2.2% decrease since yesterday.
In the 7-day and 30-day timeframes, Solana has seen a TVL growth of 35.3% and 89.8%, respectively. As displayed in the chart below, it surpassed the performance of the four chains above it.
Franklin Templeton Digital Assets shared its perspective on the value of memecoins and their native networks. The financial giant considers that there’s a strong relationship between memecoins and the performance of their native chains.
In the last year, crypto markets have seen multiple meme coins parabolically surge, most notably, Solana based BONK during Q4 2023. Solana daily active user addresses were up 75% quarter over quarter from Q3 to Q4 2023.
The asset management firm deems that the connection between the two is further alluded to because “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” during Q4 2023.
According to CoinMarketCap data, the market capitalization of the Solana-based tokens increased by 5.5% from yesterday to over $222.36 billion. The performance of the memecoins seems to have put a notch on the network’s belt.
Performance Un-like Cats and Dogs
Tokens in the Solana chain have registered massive performances recently, and the newest tokens around the block (dogwifhat, Wen, Jupiter) continue to shake the crypto market ground.
Notably, dog- and cat-themed tokens continue to be hot topics in the community. According to CoinGecko Data, the Solana-based Myro, Bonk, and Popcat are trending tokens in their sub-categories.
Las Vegas Puts Its Hat On
Since the launch of dogwifhat (WIF), the token has gone from being a “cute dog with a crochet hat on to gathering a robust community seemingly able to back it up.”
SPHERE UNLOCKED
dog $wif hat, in all $SOL colors, coming to your local LAS VEGAS SPHERE
HAT STAYS ON@dogwifcoin pic.twitter.com/NR1kln4X4u
— Curb◎…
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