Solana Surges to All-Time Highs: Global Interest Peaks Amid Memecoin Mania
Crypto News – According to Google data, Solana is currently experiencing unprecedented global interest, with its popularity reaching an all-time high. Google Trends‘ weekly tracker of keyword popularity reveals that Solana’s global interest index has soared to 100 over a five-year period, surpassing its previous peak in the final week of December 2023.
This surge in interest correlates with notable growth in Solana‘s on-chain metrics. Last Friday, the Solana network witnessed record-breaking on-chain volumes, surpassing $3.79 billion. Additionally, its 24-hour volume reached approximately $3 billion on Monday afternoon in Asia, as reported by DefiLlama. The number of new addresses on the Solana network continues to climb, with nearly 870,000 new addresses created on Saturday, according to data from The Block.
The daily transaction fees on Solana have seen a significant surge, rising from around $500,000 in January to $3.83 million on Saturday, based on data from The Block. Concurrently, the price of Solana experienced an 11.38% increase, reaching $204.08 at 1:00 p.m. Hong Kong time, according to The Block’s price page. Solana now stands as the fourth-largest cryptocurrency in the world by market capitalization, surpassing BNB over the weekend.
A considerable portion of Solana’s recent popularity surge can be attributed to the fervor surrounding Solana-based memecoins. Rachael Lucas, head of marketing and communications for BTC Markets, noted that memecoins like Bonk and Dogwifhat, along with politically inspired tokens, have gained significant traction, driving up interest and activity on the Solana blockchain. Lucas highlighted the success of Dogwifhat holders’ $700,000 campaign to advertise the memecoin logo on the Las Vegas sphere, which propelled the token’s value above $3.
However, the success of such campaigns has sparked debate within the crypto industry about potential market overheating. Amid speculations of a bubble within the current crypto bull cycle, the price of Bitcoin retraced its record-breaking gains over the weekend, falling back to the $65,000 level on Sunday before trading at around $68,000 at 1:00 p.m. on Monday in Asia.
Leave a comment