- Cat-themed token POPCAT and dog-themed WIF jumped 25%, while smaller tokens MUMU and CATDOG were up 30%.The surge in Solana-based tokens contrasted with declines in major memecoins on other blockchains.
As a seasoned researcher with over a decade of experience in the ever-evolving world of cryptocurrencies, I have seen trends come and go, from the rise and fall of Bitcoin to the birth and rebirth of countless memecoins. Yet, the recent surge of Solana-based tokens has caught my attention like never before.In the last day, meme coins within the Solana system experienced a rise of over 30%, taking the lead in cryptocurrency market growth. This surge comes as the network’s native token, SOL, bounced back from earlier-in-the-week losses.
In a surprising turn of events, popcat (POPCAT) and wifhound (WIF) tokens associated with cats and dogs respectively saw a significant increase of up to 25% initially, but later slightly pulled back. Meanwhile, lesser-known tokens like MUMU and catdog (CATDOG) soared by an impressive 30%. The data reveals this pattern. Interestingly, memecoins based on other blockchains, such as dogecoin (DOGE) and pepe (PEPE), experienced a decrease of up to 5%, indicating a strong inclination towards Solana-based tokens.
On Monday, the total volume on the Solana network was approximately $1.5 billion. However, by today, this figure has more than doubled, surpassing $3.3 billion. This surge has resulted in daily fee earnings of at least $750,000, as shown by DefiLlama data.
On Wednesday, the ecosystem activity surged as the price of SOL increased by 7.5%, reaching over $150 during European morning trading hours. This growth outpaced the 2.23% rise experienced by the CoinDesk 20 index. Despite a decline from $145 to as low as $112 on Monday due to a broader market downturn, SOL has since spearheaded the advance among major tokens, leading their gains.
Anticipation for a positive development in the ecosystem grows as experts predict the launch of a Solana-focused Exchange-Traded Fund (ETF). If launched, it would be the third cryptocurrency available to professional U.S. investors after Bitcoin (BTC) and Ethereum (ETH).
As a researcher at Metalpha, I’ve observed intriguing indications that an SOL ETF could potentially facilitate wider adoption of Solana (SOL). In a recent conversation with CoinDesk via Telegram, I expressed this viewpoint. The swift recovery of SOL suggests a resurgence of faith in the overall crypto market, as it stabilizes and matures further.
“Hu commented that Solana (SOL) has proven to be resilient amidst innovations, while meme-based cryptocurrencies are experiencing a surge in popularity.”
In early July, the CBOE submitted 19b-4 filings with the Securities and Exchanges Commission (SEC) asking to list VanEck’s and 21Shares’ potential spot Solana ETFs, which were initially filed in late June.
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2024-08-07 11:46