Solana (SOL) has surged to the forefront of the blockchain ecosystem, capturing 49.3% of global crypto investor interest, according to CoinGecko Research. This dominance is attributed to Solana’s resurgence to 2021 highs and the success of key ecosystem projects like Pyth, alongside native meme coins such as Dogwifhat.
On Monday, Solana surpassed the $200 mark for the first time in two years, driven by increased network trading volume. SOL’s price has skyrocketed over 700% in the past 12 months, with a 7% rise in the last 24 hours, reaching $187.30 by 11:16 a.m. ET.
Coinbase’s market update revealed that Solana witnessed approximately $11 billion in transactions within 24 hours on Monday, largely fueled by smaller tokens, especially meme coins.
The majority of this activity occurred on decentralized exchanges (DEXs) like Jupiter and Raydium, where traders engaged in memecoin accumulation, notably Bonk and Slerf. Solana-based DEXs have been gaining ground against Ethereum DEXs such as Uniswap for nearly four months.
Tristan Frizza, founder of Zeta Markets, highlighted the surge in on-chain memecoin speculation facilitated by automated market makers like Raydium, Orca, and the Jupiter aggregator. These platforms enable the swift establishment of new liquidity pools and token trading.
In the past week, Solana’s on-chain volumes have surged, leading to record-high fees collected by the network. Daily transaction fees on Solana have been on the rise since March, hitting an all-time high of $5.08 million on Monday.
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