- Solana’s real economic value has surged to over $11 million, a record high.
- TVL also surged to its highest since 2022.
As a seasoned analyst with over two decades of experience in the ever-evolving world of cryptocurrencies, I can confidently say that Solana’s recent surge is nothing short of extraordinary. The network’s real economic value breaking the $11 million barrier and surpassing Ethereum is a significant milestone. It seems that memecoins are playing a pivotal role in this growth spree, with their trading volumes reaching new heights.
Recently, Solana’s [SOL] real-world value has experienced a significant increase, outpacing Ethereum [ETH] along the way.
Additionally, transaction fees within the network have spiked to near record highs, predominantly due to increased activity surrounding meme-based cryptocurrencies. Simultaneously, the Total Value Locked (TVL) has persistently risen, reflecting the growing trend of network fees.
Solana sees record surge in…
As per the latest figures by Blockworks, the actual financial worth of the Solana network has soared beyond $11 million, setting a new peak for the network. Remarkably, this figure surpasses the genuine economic value attributed to Ethereum.
Additionally, AMBCrypto’s examination revealed that the network fee spiked to its second-greatest historical level during the previous trading session.
On October 25th, as displayed by DefiLlama’s chart, fees reached approximately $4.7 million, marking a significant increase. The record for highest daily fee, however, was set on March 18th, when it surpassed $4.9 million – an all-time high.
By coincidence, this trend occurred during the same year, as increased meme coin activities played a significant role in driving the increase.
Solana memecoins drive market cap growth
Memecoins on Solana have continued to grow and now contribute significantly to the market cap.
As per CoinGecko’s latest figures, the total value of memecoins stood at approximately $11.5 billion at the current moment, marking a nearly 1% growth in the past day.
Moreover, the daily trading volume neared $4 billion, while the market cap surpassed $78 billion.
In this current state, Doge (WIF) continues to dominate as the top meme coin, boasting a significant market capitalization of nearly $2.5 billion.
As I trailed along, BONK and POPCAT were hot on my heels, boasting market capitalizations of approximately $1.5 billion and $1.4 billion each, respectively.
TVL rises alongside positive price trends
Over the past few weeks, there’s been a noticeable increase in the growth rate of the Solana Total Value Locked (TVL). According to DefiLlama, the TVL surpassed $6.7 billion on October 24th, marking the highest TVL figure since early 2022.
Despite dropping to approximately $6.4 billion currently, it remains greater than the value achieved in the year 2023.
Moreover, the upward trajectory in Solana’s (SOL) price has significantly influenced the growth trend observed in Total Value Locked (TVL). Currently, SOL is being traded at approximately $167, showing a rise of more than 1%.
Over the past few weeks, both the rise in prices and the upsurge of popular meme coins have played a significant role in boosting the Total Value Locked (TVL).
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2024-10-27 01:11