It's worth noting that Solana has previously experienced an upswing, due in part to the increased interest in meme coins launched on the platform. Currently, meme coins are once again attracting attention, making Solana an asset worth keeping an eye on.
Recall that #meme coins on #Solana , including Dogwifhat (WIF) and Bonk Inu (BONK), received a lot of publicity as they tried to compete with established players such as Shiba Inu (SHIB). However, the attention on dog-themed coins seems to be waning, and a new class of cat-themed coins is emerging. Recent developments in cat-themed tokens have contributed to a surge in #SOL prices.
For example, the Solana-based Popcat token (POPCAT) saw double-digit growth on May 2, increasing fivefold in just two weeks. It will be interesting to see if cat-themed tokens can replicate the results of dog-themed tokens and potentially impact the value of SOL.
Additionally, according to DefiLlama, the value of the Solana network is growing significantly and has reached $4.013 billion at the time of writing; this figure is set to grow by over 160% by 2024.
The increase in TVL is indicative of growing user engagement and trust in the platform, as well as increased liquidity and transaction volumes within the protocol.
At the time of going to press, Solana's exchange rate stood at $147 USD, up about 4% in the last 24 hours. Over the past week, SOL has risen in value by more than 7%.
In the short term, Shibaura has taken a prominent position among cryptocurrencies, rising over 10% in the last 24 hours. In addition to the overall bullish market sentiment, #SHIB seems to be benefiting from factors such as increased trading activity, token burn and ongoing network development.
Of particular note is network development, which could be a major driver of SHIB's price movement. Shibarium's Tier 2 blockchain solution has successfully undergone a hard fork. This update addresses user concerns about network usability and transaction efficiency, which are key drivers of SHIB price growth.
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