The memecoin mania on Solana is in full swing. The popularity of memecoin trading has driven the impressive growth of on-chain transactions to new highs. At the same time, the SOL rate breaks the USD 200 mark and is approaching its ATH. All this is happening despite the correction on BTC and ETH.
Memecoin mania on Solana – new records and the increasingly faster SOL charge
Cryptocurrency spring is in full swing, sending top cryptocurrencies soaring. With it, the memecoin mania on Solana also intensified. According to data from DefiLlama, Solana's volume exceeded $3.79 billion on Friday, March 15. The previous record was USD 2.85 billion and this amount was also set in March. It is worth noting that the memecoin mania on Solana caused another record.
The seven-day average number of active addresses on the Solana network increases parabolically to new records. According to The Block, almost 870,000 new addresses were registered on Saturday. The total number of fees on Solana also increased, breaking a record of $3.83 million. The memecoin mania on Solana is clearly visible in the case of Book of Meme, the BOME token recently introduced to the Binance exchange. In just a few days, it increased by approximately 1,500%!
The SOL rate is riding the memecoin wave
In addition to the popularity of memecoins on the Solana blockchain, the native cryptocurrency (SOL) is approaching 2021 ATH at rocket speed. It is worth adding that the correction visible today in BTC and ETH did not affect SOL at all, because the cryptocurrency has been recording a systematic increase for over a month.
Over the last 24 hours, the SOL rate has increased by over 10%, reaching USD 205.90. There's only $50 left until the November 2021 ATH. A big reason for such rapid and systematic increases is the growing popularity of memecoins on Solana. Great examples of this are Dogwifhat and BONK. So where will the SOL rate stop given the great popularity of the block network itself? Some analysts predict that it could be as much as USD 600.
