Nearly every corner of the crypto market corrected at some point in April, but memecoins in the Solana ecosystem appear to be charting a different path.
According to CoinGecko data, the total market Capital of memecoins on Solana increased significantly over the past 24 hours, increasing by 4.2% to $8.261 billion.
Popcat (POPCAT) is up the most, 16.8% in the past 24 hours and 229% in the past week. Bonk (BONK) is followed by a gain of 10.5% in the past 24 hours and 80% in the past 7 days.
Top Capital memecoins in the Solana ecosystem | Source: CoinGecko
The top Solana -based Meme token by market value – Dogwifhat (WIF) – is up 5.6% on the day and 2% in an hour, bringing its market Capital to $3.02 billion. Notably, WIF still accounts for nearly half of Solana's total memecoin market share.
Many analysts believe that it is normal for memecoin to increase in price at launch and drop sharply when the BTC price crashes.
Mert Mumtaz, co-founder and CEO of Helius Labs pointed out the importance of memecoins to the industry and the networks that host them, saying that memecoins are good for “bringing cryptocurrency into the hands of more people” and for network testing.
Mumtaz added:
“Memecoin has improved Solana 10x over the long term, just as Non-Fungible Token did in 2021.”
According to a recent report, the memecoin sector emerged as the most profitable story YTD.
The optimism of memecoin Solana reflects the trend of Capital returning to riskier assets as the market readies for a sustained recovery following the April 20 Bitcoin halving.
The recovery of memecoin Solana amid a broader market pullback is evidence of Solana 's growing relevance as a Layer 1 ecosystem. This means that investors' sentiment towards blockchain is not speculative. Instead, it stems from genuine user engagement and high development activity.
The network's potential has been bolstered by high volume and growth in DeFi applications (DApps).
Data from defillama revealed volume on Solana increased to $1.5 billion on April 25, from $840 million on April 7. The All-Time-High volume of this blockchain is $3.8 billion – a figure set on March 15.
Volume on Solana | Source: defillama
Looking at other metrics, data from The Block shows that the number of active addresses on the Solana network continues to increase. According to the chart below, more than 842,000 active addresses were recorded yesterday – a higher number than recorded in 2022 and 2023.
Number of daily active addresses on Solana | Source: The Block
Compared to memecoin's increase, SOL price has decreased after the increase that began on April 17.
Data from Tradingview shows that SOL price is down 2.15% over the past 24 hours to $147.
Daily SOL chart | Source: TradingView
According to data from CoinMarketCap, volume across all major centralized exchanges fell 56% from a six-week high of $8.9 billion on April 13 to $3.9 billion.
You can XEM the coin prices here.
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According to Cointelegraph
