Solana Sets New Record as Memecoin Popularity Spikes

By: Eliza Bennet

Solana (SOL) has set a new all-time high reaching a market cap of $82.5 billion on March 15, following an 11% rally despite the overall market downtrend. Solana's ecosystem continues to thrive, with a record-breaking number of new addresses hitting a daily average of seven-day moving average of 738,040 new addresses. Alongside Solana's peak, SOL price reached $185, a notable high since December 2021. This success signals the growing interest and confidence in the digital asset, with SOL trading at $181.35 with a market cap around $80 billion.

Additionally, the Solana network has seen a remarkable surge of activity surrounding newly launched memecoins. Meme coins such as Dogwifhat (WIF), which experienced an impressive 800% surge over the course of a month, and others like Popcat and Bonk, have gained considerable attention for the Solana network, highlighting its utility and growing relevance in the crypto space. Dogwifhat's rise to popularity has notably included a community-driven fundraising campaign securing an advertisement spot on the Las Vegas Sphere.

Despite criticism, proponents argue that the surge in memecoin activity and their association with Solana's fast-growing network hint at potential future developments beyond just viral appeal, possibly paving way for a more substantial role in the world of decentralized finance (DeFi).