Solana DeFi Recovery Boosted by Memecoins Leading the Crypto Surge

Solana DeFi- Memecoins Steer Crypto Upsurge Amid Solana DeFi Revival

Solana DeFi- Memecoins have seen a significant rebound following Monday’s market downturn, with notable gains in both Solana-based and cat-themed memecoins over the past 24 hours.

Data from Coingecko shows that the market capitalization of Solana-based memecoins has surged to $7.3 billion, marking a 35.2% increase in just one day. Similarly, cat-themed memecoins have seen their market cap rise to $2.43 billion, up by 41.8% during the same period.

Key memecoins in these categories have posted impressive double-digit gains. Dogwifhat (WIF) has jumped 26%, Popcat is up 35%, and Michi has risen 30%. Among the top three memecoins by market cap, Dogecoin, Shiba Inu, and Pepe have all seen increases of 3.9%, 2.6%, and 6.89%, respectively.

Solana DeFi and Memecoins See Significant Gains

In the past 24 hours, the total value locked (TVL) in DeFi applications on the Solana network has surged by over 25%, climbing from $2.24 billion on Tuesday to $2.82 billion, according to The Block’s Data Dashboard.

During this period, Solana’s price has risen by more than 11%, trading at approximately $154.10, as reported by The Block’s SOL price page.

Additionally, The Block’s GMCI index for memecoins indicates a 6.42% increase, reaching 208.95 points over the last 24 hours.

PolitiFi Tokens Surge After Early Week Dip

The market capitalization of PolitiFi memecoins has surged to $589 million today, marking an 18% increase over the past 24 hours, according to CoinGecko data. Major tokens in this sector, such as Elon Trump (ticker: EL) and MAGATrump (ticker: MAGATRUMP), have seen significant gains, rising by 38% and 51%, respectively.

On Tuesday, Kamala Harris announced Minnesota Governor Tim Walz as her running mate for the U.S. presidential election. Concurrently, a misspelled Solana-based memecoin named Tem Walz (ticker: WALZ) briefly spiked to nearly $1 million in market cap before crashing to under $254,000 within hours.

Amid Tuesday’s volatility, TrumpCoin (ticker: DJT) experienced a dramatic drop of over 90% after a single wallet offloaded $2 million worth in one transaction, reducing its market cap from $55 million to $3 million. The coin has since recovered slightly, gaining around 2% in value.

For the latest in crypto updates, keep tabs on Crypto Data Space.