Solana's return is the story of this cycle so far, with the network growing thanks to technical improvements, lucrative ether and, most importantly, memcoins.
Memcoins have gone from a frivolous and short-lived asset class to a promising alternative to low-return, high FDV tokens that leave little potential for retail.
Today, most memcoin transactions occur in #Solana , but activity continues to migrate to L2 ETHs such as Arbitram and Base. Base has been particularly busy recently. While Coinbase's L2 promises to become a memcoin hub, Solana's activity will continue to dominate and stay within its ecosystem. Can Base compete with Solana in the memecoin arena?
The most important component of Solana's L1 transformation into a "pet" in this cycle has been its memecoin activity.
Thanks to internal capital inflows from ethers like Jito, Jupiter, Kamino, Parcl and Tensor, memcoins plummeted and reached a market capitalization of market1B within 1 week, an impressive achievement and a great marketing campaign for a network with a TVL above 4.8B.
Solana may owe much of its momentum to memcoin fever, as evidenced by pump activity. fun, a popular memcoin launcher, accounts for 83% of all tokens launched, overtaking Solana in 24 hours. However, this success would not have been possible if fun was not such a powerful memcoin platform with tokens such as #WIF , BONK and BODEN on the network.
Dogwifhat (Ticker: WIF; Market value: $3.3 billion) is a cute Shiba Inu in a knit cap who became Solana's mascot thanks to his #meme , extensive promotion on #cryptocurrency Twitter, and dedication to the cause, taking your token's value from $ 10,000 to several million dollars.
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