Solana Tops CoinGecko Research’s List as the Year’s Most Popular Blockchain

Crypto News- The blockchain scene is buzzing as Solana emerges as the frontrunner this year, capturing the hearts of global crypto investors, according to a recent report from CoinGecko Research. Accounting for a whopping 49.3% of investor interest in specific blockchain narratives, Solana has solidified its position as the most sought-after ecosystem in the crypto sphere.

Solana Tops CoinGecko Research’s List as the Year’s Most Popular Blockchain

Fueling this meteoric rise is Solana’s impressive comeback to its 2021 highs, coupled with stellar performances from key ecosystem projects like Pyth and beloved memecoins such as dogwifhat. The excitement peaked on Monday when Solana skyrocketed above $200, marking its highest price level since 2021 and boasting a staggering 700% increase in the past year alone.

But what’s driving this surge? Well, it’s no secret that trading volumes are soaring, catapulting Solana’s price to $187.30 as of the latest update. According to Coinbase’s market report, a jaw-dropping $11 billion in transactions flooded the Solana blockchain within just 24 hours on Monday, with a frenzy of activity revolving around meme coins.

Speaking of memes, Solana’s decentralized exchanges like Jupiter and Raydium are abuzz with traders diving headfirst into memecoin madness. Tokens like Bonk and Slerf are taking center stage, with Solana-based DEXs stealing the spotlight from Ethereum’s Uniswap for nearly four months now.

Tristan Frizza, Founder of Zeta Markets, sheds light on the phenomenon, citing a surge in on-chain memecoin speculation. Memecoins like Slerf have skyrocketed to mind-boggling market caps of over $500 million within hours, all thanks to the rapid liquidity pools spun up by automated market makers like Raydium, Orca, and the Jupiter aggregator.

Solana’s on-chain volumes have seen an unprecedented surge in the past week, driving network fees to new heights. According to The Block’s Data Dashboard, daily transaction fees on Solana hit an all-time high of $5.08 million on Monday, signaling a bullish trend for the blockchain powerhouse.