Solana Meme-Coin Mania: Network Activity, TVL Reach Two-Year Highs
Solana’s blockchain sees significant trading volume surge, led by memecoins like Slerf and Boom of Meme, hitting a two-year high. Total Value Locked (TVL) in Solana surpasses $4.14 billion, indicating robust growth in its web3 ecosystem. According to Bloomberg’s recent report, the rally in memecoins is significantly boosting Solana, a cryptocurrency that narrowly survived the [...]
- Solana’s blockchain sees significant trading volume surge, led by memecoins like Slerf and Boom of Meme, hitting a two-year high.
- Total Value Locked (TVL) in Solana surpasses $4.14 billion, indicating robust growth in its web3 ecosystem.
According to Bloomberg’s recent report, the rally in memecoins is significantly boosting Solana, a cryptocurrency that narrowly survived the fallout of Sam Bankman-Fried’s FTX exchange collapse. This resurgence is marked by an unprecedented rise in trading volume on Solana’s blockchain, with memecoins such as Slerf, Boom of Meme, Snap, and Dogwifhat spearheading the activity on decentralized exchanges.
Record Trading Volumes and TVL and Solana’s Price Recovery
Data compiled by CoinMarketCap and DEX Screener shows that on March 15, trading volume on Solana’s blockchain peaked at its highest in over two years. Slerf alone generated nearly $2 billion in volume in 24 hours. The total volume on Solana for the same period approached a staggering $11 billion.
A Binance Square post highlighted the first surge in Solana’s Total Value Locked (TVL) beyond $4.14 billion in over two years, a direct result of the meme coin boom within Solana’s ecosystem. This surge is coupled with an increase in active addresses and a notable recovery in SOL’s price, which rose by about 4% recently, in line with positive trends across major cryptocurrency assets.
Notable Network Growth
CNF’s analysis underscores two significant developments in Solana’s network:
- Solana’s TVL expanding from below $300 million to approximately $2.53 billion since October last year, reflecting the growth of its web3 ecosystem.
- The market cap of Solana meme coins reaching over $5.6 billion with a daily average trading volume of around $3 billion, highlighting potential challenges in network scalability.
Rising Address Activity and Price Trends
The recent spike in SOL-based tokens’ prices is a testament to the meme coin frenzy’s impact on Solana’s network activity. Monitoring these trends poses a question: How do we track the latest movements between centralized exchanges and the Solana ecosystem? For insights, consider following the updates shared on platforms like SolanaFM.
Over the last week, CEXes saw a net outflow of more than $200,000,000 into wallets on @solana. (h/t @fknmarqu & @flipsidecrypto)
How do you track the latest movements between centralized exchanges and the @solana ecosystem?
Pro-tip: You can search for the SOL wallets belonging… pic.twitter.com/vm6Oq6UVjJ
— SolanaFM (@solanafm) March 25, 2024
Currently, Solana’s market performance shows a steady climb with a 3.15% increase in the past day and an 11.26% rise over the past week, bringing its price to $194.86.
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