In the world of cryptocurrencies, memecoins are once again in the spotlight, and Solana (SOL) is one of the platforms that has benefited the most from this price surge. The Solana network has seen significant activity, pushing the native SOL token up 7% recently. This price increase has been fueled by a wave of memecoin projects that have sparked renewed interest from investors.
Memecoin Fuels Solana Development
Several memecoins, such as Goatseus Maximus (GOAT), SPX6900 (SPX), Apu Apustaja (APU), and FWOG, have led the charge on the Solana blockchain. These tokens have gained traction in recent weeks, creating buzz around the Solana ecosystem and driving its growth.
One of the standout performers, GOAT, exploded in value after it debuted on Pump.fun. Within a week, GOAT had reached a market cap of $400 million. Speculation surrounding an AI bot helped fuel the rally, although it was later revealed that the bot was simply a promotional tool.
Investors Make Huge Profits From Memecoin
Early investors in memecoin saw significant returns. On-chain data shows that some traders turned small investments into millions of dollars in just a few days. For example, one investor made a profit of $2 million after investing 603 SOL (about $80,000) in just six days. This highlights the speculative nature of memecoin trading, but also shows the potential for huge returns in a short period of time.
Despite its high risk, memecoins are contributing to increased activity on the Solana network, boosting the networkâs total value locked (TVL). TVL is an important metric used to assess the health of a blockchain, and Solanaâs TVL has spiked to a two-year high of nearly 41 million SOL. This represents a 13% increase over the past month, while Ethereum and BNB Chain have not seen significant TVL growth over the same period.
Solana Price Outlook: Will the Bull Run Continue?
Beyond TVL, Solana is also outperforming other blockchains in terms of network activity. Over the past week, Solana surpassed Ethereum in both transaction volume and decentralized exchange (DEX) activity. This growth momentum has also led to a surge in social media mentions, pushing Solana past XRP, Cardano (ADA), and SUI to become one of the most talked about projects in the crypto space.
With SOL currently trading at $156 and up 7% over the past week, many are wondering if this bull run will continue. The continued demand for memecoins and increased network activity will likely push Solana prices higher. However, it remains to be seen how long the memecoin craze can sustain the networkâs upward trajectory.
Can Solana Hit $150 in the Near Term?
The growing social media buzz around Solana is generating even more interest in its price potential. As network activity increases and memecoins remain in high demand, some believe that SOL could surge to over $150 in the short term. However, whether the memecoin craze will bring long-term value to the Solana ecosystem remains uncertain.