Solana-Based Meme Coins Witness 70% Surge: Analysis

IconCryptoNewsTerminal Staff24 Jul, 2024

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Solana-Based Meme Coins Witness 70% Surge: Analysis

Solana-Based Meme Coins Surge 70% in a Week: Analysis Solana (SOL)-based meme coins have experienced a remarkable price increase over the past seven days, according to Cointelegraph. This surge cannot be solely attributed to meme coin speculation, as there has been a recent uptick in development activity and user engagement on the Solana network. MEW, GIGA, and WIF have witnessed significant gains, with MEW spiking by 82%, GIGA by 45.5%, and WIF by 21.5%. As a result, the total market capitalization of Solana-based meme coins surpassed $9 billion as of July 24. In addition to the price surge, transaction volume on the Solana network has also increased substantially, from $600 million on June 29 to $2.54 billion on July 19. This suggests that the growth of Solana-based meme coins is not solely driven by speculation, but also by increased usage and adoption of the Solana network.

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