Solana's price has seen a significant spike over the $200 mark, eclipsing BNB in market capitalization.

Witnessing an impressive increase of 800% in value over the past year, Solana is edging closer to its previous all-time highs, highlighting its increasing attractiveness and potential in the cryptocurrency market.

The popularity of Solana-based memecoins is experiencing a notable rise.

Over the past weekend, activity on the Solana blockchain surged significantly, even outpacing Ethereum (ETH), spurred by growing interest in Solana-themed memecoins. This heightened activity strained the network’s capacity. By week’s end, Solana’s total trading volume reached an impressive $3.52 billion, outstripping Ethereum’s daily volume by over $1.1 billion, as reported by DefiLlama.

The latest surge in Solana’s price can largely be linked to the booming interest surrounding memecoins. Over the weekend, the market cap for this sector jumped by 11%, surpassing $55 billion, based on data from CoinGecko. Noteworthy mentions among the top-performing memecoins include (SHIB), which rose by 10.8%, (WIF), enjoying a 30% increase, and CorgiAI (CORGIAI), which saw an uptick of 8.5%. Solana Interestingly, in the prior week, a newly launched memecoin called Book of Meme (BOME) captured the attention of investors, skyrocketing from obscurity to a market cap of $1.45 billion in just 56 hours.

Additionally, throughout the past month, the total value locked (TVL) in Solana’s decentralized finance (DeFi) sector has witnessed a remarkable increase of over 80%, according to data from DefiLlama. This surge has propelled Solana’s DeFi TVL to its highest point in two years, reflecting an uptick in both activity and confidence within the Solana DeFi ecosystem, now standing at $3.8 billion. Among the leading five DeFi networks by TVL, Solana has experienced the most substantial growth in the last month. memecoins The recent price surge alongside increased network activity reinforces Solana's escalating significance and clout in the cryptocurrency arena. DogWifHat Please remember that the content presented on this page does not serve as legal, investment, or financial advice. It's crucial to invest only what you can afford to lose and seek independent financial counsel if you're uncertain. For more information, refer to the terms and conditions, as well as help and support pages provided by the issuer or advertiser. Metaverse Post is dedicated to delivering accurate, impartial reporting, yet market conditions can fluctuate without prior notice.

Alisa is an avid journalist at Cryptocurrencylistings, focusing on cryptocurrencies, zero-knowledge proofs, investments, and the wide spectrum of Web3. With a sharp eye for up-and-coming trends and technologies, she provides insightful coverage to engage and inform readers within the dynamic realm of digital finance.

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