According to CryptoPotato, Solana has been in the spotlight recently, with its network experiencing an outage on Tuesday that lasted nearly five hours, followed by SOL's price skyrocketing to $105 and its ecosystem recording a total value locked (TVL) of $1.85 billion. The meme coin frenzy has driven significant traffic to the Solana network, with WOOF and BORK, two popular meme coins, showing growth of 50% and 70%, respectively.
WOOF, a meme coin built on the Solana blockchain, aims to become the most decentralized meme/social token in the ecosystem. According to data from CoinMarketCap, WOOF's trading volume has risen 30%, currently trading at $0.00014, a 76% increase in the last seven days. WOOF stands for 'We Own Our Future,' emphasizing its community-led protocol's DAO and active participation in the project's trajectory.
BORK, another meme coin on the Solana blockchain, saw significant gains in the last seven days, closing the week at $0.0006142, a 50% surge. Inspired by the viral internet meme Bork, also known as Gabe the Dog, the project aims to establish itself as a top memecoin within Solana and create a sustainable community of retail investors. BORK has gained attention for its rapid rise in the memecoin scene, with a trader reportedly achieving gains of approximately 2,250 SOL (around $245,000) in just five days, starting with an initial investment of 4 SOL shortly after discovering BORK 10 minutes after launch.
Solana's ecosystem has seen an uptick in price and network activity, with SOL reaching $110 on Friday. Last week, CryptoPotato reported that Solana's TVL rose to $1.74 billion, marking a nearly 500% increase since October 2023. However, Solana's ecosystem quickly surged to $1.85 billion a day later, signaling the rapid resurgence of the Solana DeFi ecosystem.
