The Solana ecosystem has experienced remarkable growth and the price of SOL transformed many experts optimistic about it. Likewise, Solana-based tokens are showing impressive performances during this bull run, with many of them being among the biggest gainers across different time frames.
Solana Chain Driven by Memecoins?
According to data from CoinGecko, Solana is currently the 5th largest blockchain in Total Value Locked (TVL), recording growth of over 12.8% in the last day. During this period, Solana has outperformed its competitors, including Ethereum, which has registered a 2.2% drop since yesterday.
On the 7-day and 30-day time frames, Solana recorded TVL growth of 35.3% and 89.8%, respectively. As shown in the graph below, it outperformed the four networks above.
Franklin Templeton Digital Assets shared his perspective on the value of memecoins and their native networks. The financial giant considers that there is a strong relationship between memecoins and the performance of their native chains.
Last year, crypto markets saw several meme coins rise parabolically, most notably, Solana-based BONK during the fourth quarter of 2023. Solana’s daily active user addresses increased 75% quarter over quarter from the third quarter to the fourth quarter of 2023. 2023.
The asset management firm considers that the connection between the two is further mentioned because “the Solana network captured a large percentage of the activity of all active addresses during the same period that BONK saw a price increase” during the fourth quarter 2023.
According to data from CoinMarketCap, the market capitalization of Solana-based tokens increased by 5.5% from yesterday to over $222.36 billion. The performance of memecoins appears to have put a notch on the hammock belt.
Different performance of dogs and cats
Solana chain tokens have seen massive performances recently, and the latest tokens on the market (dogwifhat, Wen, Jupiter) continue to shake up the crypto market.
Notably, dog and cat themed tokens continue to be hot topics in the community. According to CoinGecko Data, Solana-based Myro, Bonk, and Popcat are trending tokens in their subcategories.
Las Vegas puts its hat on
Since the launch of dogwifhat (WIF), the token has gone from being a “cute dog in a crochet hat to gathering a robust community seemingly capable of supporting it.”
SPHERE UNLOCKED
puppy $wife hat, on everything $SOL colors, coming to your LAS VEGAS SPHERE location
THE HAT REMAINS@dogwifcoin pic.twitter.com/NR1kln4X4u
– Curb◎ (@CryptoCurb) March 13, 2024
The more than $650,000 raised for the “wife in the sphere” fundraiser could serve as proof of community support. As a result of the campaign, the Las Vegas Sphere will display the WIF icon for a week on the world’s largest LED screen.
Since the news, the token has soared to a new all-time high (ATH) of $3.36 this morning, representing a 42.3% increase in the last 24 hours. At the time of writing, WIF changes hands at $3.1, just 4.3% below its ATH.
Wearing the spacesuit, Wen goes to Jupiter
Jupiter (JUP) recently announced its partnership with the cat-themed token WEN. The latest Jupiter Working Group (JWG) will collaborate with the WEN Working Group. According to the announcement, “it will be focused on contributing incredible vibrations and content to amplify Jupiter’s crucial message.”
Jupiter
Wen
Wen has a spacesuit for a reason, this cute cat is going to Jupiter
https://t.co/7k7h2AIdvk
-Wen (@wenwencoin) March 13, 2024
The community seemed to accept partnership positively. Following the news, both tokens rose. WEN price rose above $0.00040 in the early hours of the day and is currently trading at $0.00038, an increase of 12.5% in the last 24 hours.
JUP has boosted to a new ATH of $0.988, almost reaching $1. At the time of writing, the token is trading at $0.948, representing a 12.8% price increase in the 1-day period. Likewise, its daily trading volume increased by over 58% with $418.04 million being traded in the previous day.