Home web3.0 Memecoins Reignite Solana (SOL) Network Activity, Pushing Its TVL to a Two-Year High

Memecoins Reignite Solana (SOL) Network Activity, Pushing Its TVL to a Two-Year High

Oct 20, 2024 am 07:02 AM
Meme coin craze Solana price rally

Memecoins have once again captured the cryptocurrency spotlight, with Solana (SOL) emerging as a key network supporting this growing trend.

Memecoins Reignite Solana (SOL) Network Activity, Pushing Its TVL to a Two-Year High

Memecoins have once again taken center stage in the cryptocurrency world, and Solana (SOL) has emerged as a key network that is facilitating this growing trend.

Several memecoins on Solana's blockchain have posted impressive gains recently, pushing the platform's native token, SOL, up by 7% in a week. This recent price rally is being fueled by a surge in network activity, which is being driven primarily by the memecoin frenzy on Solana.

The rise of memecoins on Solana

Among the various tokens making waves on Solana, Goatseus Maximus (GOAT), SPX6900 (SPX), Apu Apustaja (APU), and FWOG have garnered significant attention.

These tokens are leading the charge in Solana's memecoin scene, with each experiencing massive gains in October.

Of all the tokens, Goatseus Maximus (GOAT) has been a standout. Launched on Solana's Pump.fun platform, GOAT surged to a market value of $400 million in just one week.

Rumors of an artificial intelligence bot tied to the token's success played a major role in its meteoric rise, although the bot was simply a promotional tool.

At the same time, early investors in these memecoins have taken substantial profits.

For instance, On-chain analytics trackers like Lookonchain revealed how some investors turned small amounts of capital into millions of dollars in profits.

Notably, one investor spent 603 Solana worth approximately $80k and turned it into $2 million in just 6 days. These high returns highlight both the speculative nature and the profit potential in memecoin trading.

How the memecoin craze impacts Solana's Total Value Locked (TVL)

While memecoins may lack strong fundamentals, their popularity has led to increased activity on Solana, pushing up key metrics such as Total Value Locked (TVL).

TVL measures the total amount of funds locked in a blockchain's smart contracts and provides a good indication of overall network health.

Solana's TVL recently hit a two-year high, nearing 41 million SOL, marking a 13% increase month-over-month. This is a notable improvement compared to Ethereum and BNB Chain, whose TVLs have remained relatively flat during the same period.

Decentralized platforms on Solana, including Raydium and Sanctum, have reported notable increases in deposits, reflecting a surge in on-chain activity. This uptick shows the significant impact the memecoin trend is having on the broader Solana ecosystem, driving increased engagement and capital inflows.

Aside from TVL, Solana has also outpaced Ethereum (ETH) in terms of network activity over the past week, with more transactions and decentralized exchange volumes recorded on its platform.

This strong performance has not gone unnoticed, as social media buzz around Solana has skyrocketed. Solana is now one of the most-discussed projects on social platforms, outperforming other top altcoins like XRP, Cardano (ADA), and SUI, according to sources.

This growing social media presence could further fuel the hype around Solana and its memecoins, creating a feedback loop that continues to drive both interest and price momentum for SOL.

Solana price analysis

Solana is currently trading at $156, with a 7% increase in a week.

As long as network activity remains high and investors continue flocking to speculative tokens like GOAT, Solana's price could continue to benefit.

However, whether the memecoin frenzy can deliver long-term value to the Solana network remains to be seen.

The above is the detailed content of Memecoins Reignite Solana (SOL) Network Activity, Pushing Its TVL to a Two-Year High. For more information, please follow other related articles on the PHP Chinese website!

Statement of this Website
The content of this article is voluntarily contributed by netizens, and the copyright belongs to the original author. This site does not assume corresponding legal responsibility. If you find any content suspected of plagiarism or infringement, please contact admin@php.cn

Hot AI Tools

Undresser.AI Undress

Undresser.AI Undress

AI-powered app for creating realistic nude photos

AI Clothes Remover

AI Clothes Remover

Online AI tool for removing clothes from photos.

Undress AI Tool

Undress AI Tool

Undress images for free

Clothoff.io

Clothoff.io

AI clothes remover

Video Face Swap

Video Face Swap

Swap faces in any video effortlessly with our completely free AI face swap tool!

Hot Tools

Notepad++7.3.1

Notepad++7.3.1

Easy-to-use and free code editor

SublimeText3 Chinese version

SublimeText3 Chinese version

Chinese version, very easy to use

Zend Studio 13.0.1

Zend Studio 13.0.1

Powerful PHP integrated development environment

Dreamweaver CS6

Dreamweaver CS6

Visual web development tools

SublimeText3 Mac version

SublimeText3 Mac version

God-level code editing software (SublimeText3)

Hot Topics

Java Tutorial
1655
14
PHP Tutorial
1254
29
C# Tutorial
1228
24
'Notorious” Conor McGregor Launches Cryptocurrency Venture, Promises to 'Change the CRYPTO Game” With His $REAL Coin 'Notorious” Conor McGregor Launches Cryptocurrency Venture, Promises to 'Change the CRYPTO Game” With His $REAL Coin Apr 06, 2025 am 10:14 AM

“Notorious nearly never happened. You want the real story? The McGregor story could've been about the lad who never left Dublin. I manifested greatness…”

Nasdaq Files to List VanEck Avalanche (AVAX) Trust ETF Nasdaq Files to List VanEck Avalanche (AVAX) Trust ETF Apr 11, 2025 am 11:04 AM

This new financial instrument would track the token's market price, with a third-party custodian holding the underlying AVAX

Dogecoin (DOGE) Price Plummets 17% Dogecoin (DOGE) Price Plummets 17% Apr 08, 2025 am 11:20 AM

The Dogecoin price plummeted 17% in the last 24 hours to trade at $0.1365 as of 4.30 a.m. EST on trading volume that skyrocketed 271% to $2.24 billion.

Is Wall Street Quietly Backing Solana? $42 Million Bet Says Yes Is Wall Street Quietly Backing Solana? $42 Million Bet Says Yes Apr 10, 2025 pm 12:43 PM

A group of former Kraken executives acquired U.S.-listed company Janover, which secured $42 million in venture capital funding to begin building a Solana (SOL) treasury.

Can BRICS Win from Trump's Tariffs? Can BRICS Win from Trump's Tariffs? Apr 07, 2025 am 11:14 AM

The global economic landscape is continuously shifting, and one of the latest disruptions comes from former U.S. President Donald Trump's imposition of tariffs

Zcash (ZEC) Reaches a High of $35.69 as a Record Amount of Tokens Move Out of Circulation Zcash (ZEC) Reaches a High of $35.69 as a Record Amount of Tokens Move Out of Circulation Apr 09, 2025 am 10:36 AM

Zcash was one of the top gainers during the latest market rally, reaching a high of $35.69 as traders moved a record amount of tokens out of circulation.

TrollerCat ($TCAT) Stands Out as a Dominant Force in the Meme Coin Market TrollerCat ($TCAT) Stands Out as a Dominant Force in the Meme Coin Market Apr 14, 2025 am 10:24 AM

Have you noticed the meteoric rise of meme coins in the cryptocurrency world? What started as an online joke has quickly evolved into a lucrative investment opportunity

MAGACOIN FINANCE Has Gained the Attention of Investors MAGACOIN FINANCE Has Gained the Attention of Investors Apr 06, 2025 am 10:06 AM

XRP is gearing up for a rebound. However, MAGACOIN FINANCE has gained the attention of investors on 4th April, 2025 due to its potential of becoming the next big crypto coin.