Solana-based meme coins are taking the crypto market by storm as dog and cat-themed tokens deliver massive gains for investors. While the market heads into the year’s final quarter, meme cryptos within the Solana ecosystem are drawing attention with skyrocketing returns.
After a recent slump, Solana’s native token (SOL) witnessed a significant rally, surging by 14% over the past week. This recovery is driven by the success of meme coins like BONK, Dogwifhat (WIF), and Popcat. As data indicates, Solana is now emerging as a top platform for meme coins, surpassing Ethereum in this niche.
Solana’s TVL records a 15% rise
According to data from DeFiLlama, Solana has seen a 15% increase in its total value locked (TVL) over the past week. This puts Solana ahead of Ethereum, which recorded a smaller but respectable 12% gain in the same period. Despite these gains, Solana remains the third-largest blockchain by TVL, with $5.288 billion locked in its ecosystem.
The recent price surge has seen SOL rise by 15% over the past seven days after dropping to around $120 earlier in September. As of press time, SOL is trading at an average price of $150.28, remaining 20% lower than its value 60 days ago. Its 24-hour trading volume also saw a notable increase of 23%, now at $2.86 billion.
Source DeFiLlama
Open interest and market sentiment boost SOL
The rising open interest (OI) reflects increased trader interest in Solana’s ecosystem. Coinglass reports a 2.69% jump in Solana’s OI over the last 24 hours, bringing its total to $2.48 billion. This suggests that price fluctuations could be imminent for SOL as more traders focus on Solana for potential gains.
Popcat and dogwifhat drive meme coin growth
Among the top performers in the Solana ecosystem, Popcat has emerged as a standout, boasting a staggering 12,800% rise in value this year. Popcat’s recent 13% surge has pushed it into the billion-dollar club, with its 24-hour trading volume jumping 54% to reach $151.7 million. As of the latest figures, Popcat is trading at $1.02.
Dogwifhat is another meme coin showing impressive gains, having risen by 1,108% since January. With a recent 15% rally, WIF has reclaimed a $2 billion market cap, and its price is $2.00. The market capitalization of Solana’s meme coins has reached $8 billion, marking a 10% increase over the last 24 hours.
Ethereum-based meme coins have seen more modest growth. Pepe and Floke saw gains of 520% and 292%, respectively, while Dogecoin and Shiba Inu registered increases of 45% and 23%. Although Ethereum remains a significant player in the meme coin sector, Solana is quickly catching up and leading the charge for meme tokens.
The post Solana Meme Coin Rally: SOL Sees 15% TVL Surge first appeared on Coinfea.
