Solana (SOL) is poised to ignite the long-anticipated altcoin season, driven by a surge in DeFi activity. Recently, Solana has outpaced Ethereum in Web3 engagement, bolstered by the explosive growth in the meme coin market.
Over the past year, Solana has made an impressive recovery from the collapse of FTX and Alameda Research, emerging as a thriving Web3 ecosystem. Current market figures show the total value locked in Solana has climbed to approximately $6.41 billion, the highest since January 2022. Confidence in Solana has grown substantially, with stablecoins in the network surpassing $3.5 billion in market value. In the last 24 hours alone, active addresses on Solana hit a staggering 7.62 million, compared to Ethereum's 397,000 daily addresses.
The explosion in activity is largely attributed to the burgeoning meme coin ecosystem, which now boasts a market cap of over $11 billion and sees daily transaction volumes around $2.5 billion. Solanaâs dominance in decentralized exchanges (DEXs) is evident, with its daily trading volume exceeding $2 billion for three consecutive days, overtaking Ethereum and other major networks. Additionally, Pump.fun, the issuer of Solana tokens, has overseen the launch of over 2.5 million meme coins, and is on the verge of surpassing 1 million SOL in total lifetime fees.
With this renewed momentum, Solana is increasingly being seen as a catalyst for the altcoin market, and its ecosystem continues to attract investors and developers alike.
#Solana_Blockchain #UptoberBTC70K? #BinanceLabsInvestsLombard #APTSurpassesSUI
