Solana (SOL), a top-tier layer one (L1) blockchain with vibrant DeFi development activities, is emerging as a strong competitor, possibly threatening Ethereum’s long-held position in smart contracts. Despite being smaller, Solana recently surpassed Ethereum in daily decentralized exchange (DEX) volumes, reaching $3.7 billion compared to Ethereum’s $2.4 billion, according to defillama.
Behind Solana’s climb lies an unexpected factor: meme coins. Led by Bonk (BONK), dogwifhat (WIF), BOOK OF MEME (BOME), and Myro (MYRO), Solana’s meme coin market has shot up to $6.387 billion, marking a 42 percent increase in the past 24 hours alone. Daily trading volume averages around $3 billion, showing the excitement around these unique digital assets.
