Solana-based memecoins have been drawing significant attention lately. In the past 24 hours, these tokens have skyrocketed by 38%, sharply contrasting with the declines observed in major memecoins on other blockchains.
Solana-based Memecoins on the Rise
Leading the pack, cat-themed POPCAT and dog-themed WIF saw impressive jumps of 25%, with smaller tokens like MUMU and CATDOG not far behind, each rising by 30% . This surge comes as the underlying Solana token (SOL-USD) made a remarkable recovery, rising 7.5% and trading over $150 on Wednesday morning. Just days earlier, SOL had dipped to $112 amidst a broader market downturn.
What’s Driving the Surge?
One of the driving factors behind this memecoin rally is the optimism surrounding a potential SOL exchange-traded fund (ETF). According to CoinDesk, Lucy Hu, senior analyst at Metalpha, said that “the possibility of an SOL ETF shows promising signs to investors on SOL’s mainstream adoption.” This potential ETF could position SOL as the third spot token available to professional U.S.-based investors, following Bitcoin (BTC-USD) and Ethereum (ETH-USD) .
However, while Solana-based tokens were soaring, major memecoins on other blockchains like Dogecoin (DOGE-USD) and Pepe (PEPE) were not faring as well, each losing as much as 5%.
Solana’s Volume and Fees Spike
Alongside the price surge, Solana network volumes more than doubled, soaring to over $3.3 billion from Monday’s $1.5 billion . This spike in activity brought in fees of at least $750,000 per day. Notably, Pump, a popular platform for issuing new memecoins on Solana, saw its fees jump to $535,000 in the past 24 hours, up from under $300,000 on Monday.
What Is Solana’s Price Today?
At the time of writing, Solana is sitting at $147.34.
