Solana based meme coins are on fire this year as dog and cat themed tokens record massive returns for their holders. These meme cryptos have finally managed to steal the spotlight while the market approaches the final quarter of the financial year.
Reviving from the dump, SOL saw a surge of around 14% over the last 7 days backed by its ecosystem’s tokens like BONK, Dogwifhat (WIF), and Popcat skyrocketing jump. Data shows that Solana is taking the lead over Ethereum, becoming the new home for high-flying meme cryptos.
Solana takes the meme coin crown
As per the data provided by DeFiLlama, the Solana chain has recorded around a 15% jump in its total value locked (TVL) over the last 7 days. On the other hand, Ethereum saw slight lower but impressive gains of 12% in the same period. SOL is still the 3rd biggest chain on the list, with a TVL of $5.288 billion.
Solana saw a recovery rally, gaining 15% in a week after its price dropped to the $120 zone in September. SOL is trading at an average price of $150.28, at press time but it is still down by 20% in the last 60 days. Its 24-hour trading volume is up by 23% to stand at $2.86 billion.
Coinglass data shows that traders’ are now peeping into the Solana ecosystem for gains. SOL saw a spike of 2.69% in its Open Interest (OI) over the past 24-hours. Its OI stood at $2.48 billion signaling a price fluctuation coming on its way.
Popcat and Dogwifhat leads gain
Cat themed Popcat is turning out to be the star of the show its price has spiked by an astonishing 12,800% this year. However, the meme crypto just joined the billion-dollar club with a 13% surge in the last 24 hours. Popcat’s 24-hour trading volume jumped by 54% to stand at $151.7 million. It is trading at an average price of $1.02, at press time.
Dogwifhat isn’t far behind, it has boasted a 1,108% gain since January and reclaimed a $2 billion market cap after a 15% jump. WIF reclaimed the crucial $2 mark amid this rally. The total market cap of Solana-based meme coins has reached nearly $8 billion with a gain of around 10% over the last day.
In contrast, Ethereum’s meme coins have lagged a bit as Pepe and Floke saw a surge of 520% and 292%, respectively, on a year-to-date basis. Established players like Dogecoin and Shiba Inu have seen modest increases of 45% and 23%, respectively.
Source: https://www.cryptopolitan.com/solana-meme-coin-takes-off/