- Solana’s market capitalization hits a record high of $81.1 billion, surpassing previous peaks.
- A 10% surge in Solana’s price accompanies the memecoin frenzy, driven by tokens like Dogwifhat, Popcat, and Bonk.
- Solana’s network achieves a new milestone with a record-breaking daily number of new addresses, reaching 738,040.
Solana, the blockchain platform known for its high-speed transactions and scalability, has surged to new heights in the cryptocurrency market. On Friday morning in Asia, Solana’s market capitalization soared to an unprecedented $81.1 billion. This is after surpassing its previous peak of $77.4 billion recorded in November 2021.
The price of Solana experienced a notable uptick. It is rising by 10% over the past 24 hours to reach $183.55 at 9:30 a.m. Hong Kong time. While this surge is significant, Solana’s all-time high price of $259.96, achieved in November 2021, remains a distant milestone.
Memecoin Frenzy Drives Activity
Solana’s remarkable ascent is attributed to the frenzy surrounding memecoins, a phenomenon characterized by the proliferation of meme-inspired digital assets.
Benjamin Stani, director of business development at Matrixport, identified memecoin-led chain activity as the primary driver behind Solana’s surge. Memecoins such as Dogwifhat, Popcat, and Bonk have experienced substantial gains, with Dogwifhat jumping 20%, Popcat surging 35%, and Bonk adding 10%.
Solana Emerges as Memecoin Hub
The success of Solana-based memecoins, particularly Bonk and Dogwifhat, underscores the platform’s growing relevance in the cryptocurrency landscape.
Stani noted that these tokens have achieved billion-dollar market capitalizations, signaling clear usage and adoption of Solana. Moreover, the emergence of Solana as a hub for memecoin activity challenges the notion that non-Ethereum Virtual Machine (EVM) chains lack relevance, as stated by Stani.
Record-Breaking Network Growth
Earlier this week, the Solana network achieved a milestone in its growth trajectory. With a seven-day moving average, the number of daily new addresses reached an impressive 738,040 on Wednesday, according to data from The Block’s Data Dashboard.
As Solana continues to demonstrate innovation in the crypto space, its surging market cap and record-breaking network growth position it as a formidable contender in the digital asset landscape. The platform’s ability to attract memecoin projects and facilitate rapid transaction processing solidifies its standing as a key player in the evolving crypto ecosystem.
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