Memecoins in the Solana ecosystem have seen significant gains over the last seven days, outperforming the broader crypto market.
Data from CoinGecko reveals that the total market capitalization of memecoins on the Solana blockchain has significantly risen in the last seven days to rest at $9.2 billion on July 24.
Cat in Dogs World (MEW) posted the most weekly gains, rising 82% over the last seven days and 1.4% in the last 24 hours. Gigachad (GIGA) followed with double-digit gains of 45.5% over the last seven days and 9% over the last 24 hours.
The largest Solana-based meme token by market capitalization — Dogwifhat (WIF) — saw a 1.8% price ascent on the day and a 21.5% increase in a week, bringing its market cap to $2.54 billion. Notably, WIF still accounts for nearly a third of Solana's total memecoin market value.
The latest price surge in MEW follows a July 23 X post by WhiteBIT, a Ukraine-based crypto exchange, revealing that it had listed the memecoin.
Demex, a Cosmos-based decentralized exchange, also announced the listing of MEW.
The bullishness displayed by Solana memecoins reflects a broader investor sentiment toward the sector, with a recent report by CoinGecko revealing that the asset class has emerged among the top narratives in Q2/2024.
Related: Why is Solana (SOL) price up today?
Solana network activity spikes
The rally in Solana memecoins is evidence of the increased relevance of the layer-1 ecosystem. This means investors’ sentiment toward the Solana network is not speculative. Instead, it appears to be backed by rising development activity and genuine user engagement.
Its potential has been reinforced by high transaction volumes and growth in DeFi applications (DApps).
Data from DefiLlama reveals that volume on Solana climbed to $2.54 billion on July 19, up from $603.8 million on June 29. The blockchain’s all-time high volume is $3.8 billion, set on March 15.
Additional data from The Block shows that the number of active addresses on the Solana network has increased sharply over the last two weeks. According to the chart below, more than 2 million active addresses were clocked on July 23, 72% higher than the 1.45 million recorded on July 10.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.