Solana-Based Memecoins Surge in the Crypto Market
Release: 2024/08/07 21:19 Reading: 866
Solana-Based Memecoins Surge in Crypto Market
In the cryptocurrency sphere, Solana (SOL)-based memecoins have witnessed a substantial increase within the past 24 hours. As SOL, the main asset of Solana, recovers a substantial portion of its weekly losses, cat and dog-themed memecoins like POPCAT and WIF have experienced a surge of up to 25%. Even smaller Solana-based memecoins, such as MUMU and CATDOG, have gained approximately 30% in value.
Solana-Based Memecoins Boost Ecosystem
The rise of Solana-based memecoins stands in stark contrast to the decline observed in major memecoins on other blockchain networks. Dogecoin (DOGE) and Pepe (PEPE), prominent memecoins, experienced a drop of up to 5% during the same period. This situation underscores the heightened interest investors have in Solana-based memecoins.
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Increased Transaction Volume on Solana Network
Transaction volume on the Solana network more than doubled on Monday, rising from $1.5 billion to $3.3 billion. Data from DefiLlama indicates that daily transaction fees have reached approximately $750,000. Additionally, fees on Pump, a popular platform for launching new memecoins on Solana, have also climbed from under $300,000 on Monday to $535,000 within the past 24 hours. This signifies an elevated risk appetite among investors.
SOL Price Shows Strength Amid Spot ETF Expectation
The rise in SOL, Solana's primary asset, and Solana-based memecoins has been attributed to the anticipated launch of a spot Solana exchange-traded fund (ETF). Such an ETF would make Solana the third spot cryptocurrency accessible to professional U.S. investors, marking a significant milestone in SOL's path toward mainstream adoption.
Metalpha's senior analyst, Lucy Hu, remarked, "The likelihood of a Solana ETF approval instills hope in investors regarding SOL's widespread adoption." Hu further stated, "SOL's swift recovery, coupled with market stabilization, reflects renewed confidence in the cryptocurrency market as a whole. SOL has demonstrated its mettle through innovation, while memecoins continue to gain traction."
In early July, CBOE, VanEck, and 21Shares filed 19b-4 applications with the U.S. Securities and Exchange Commission (SEC) to list potential spot Solana ETFs. These applications were initially filed towards the end of June.
Disclaimer: The information provided in this article is solely for educational purposes and should not be construed as financial advice.
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