Solana-Based Memecoins Surge as SOL Jumps 38% From Monday's Lows
The memecoins on the Solana network rose 30% in the past 24 hours, leading gains as a sector as optimism around SOL ETFs heats up among some.
Cat-themed token POPCAT and dog-themed WIF jumped 25%, while smaller tokens MUMU and CATDOG were up 30%.
The surge in Solana-based tokens contrasted with declines in major memecoins on other blockchains
Cat-themed popcat (POPCAT) and dog token dogwifhat (WIF) surged as much as 25%, before slightly retreating, while smaller tokens MUMU and catdog (CATDOG) rose 30%, data show. Major memecoins on other blockchains, such as dogecoin (DOGE) and pepe (PEPE), lost as much as 5%, showing a preference for Solana-based tokens.
Solana network volumes more than doubled to over $3.3 billion from Monday’s $1.5 billion, banking in fees of at least $750,000 per day, DefiLlama data shows. Fees generated by Pump, a popular platform used to issue new memecoins on Solana, increased to $535,000 in the past 24 hours compared to under $300,000 on Monday – indicative of higher risk-on activity among traders.
The ecosystem activity came as SOL rose 7.5%, trading over $150 in European morning hours on Wednesday to beat the broad-based CoinDesk 20’s 2.23% rise. It fell from $145 to as low as $112 on Monday amid a broader market rout but has since led gains among major tokens.
Optimism around the ecosystem comes ahead of a widely expected SOL exchange-traded fund (ETF), which could be the third spot token offered to professional U.S.-based investors behind bitcoin (BTC) and ether (ETH).
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