Solana 's memecoin market Capital skyrocketed to $9.2 billion, with the number of active addresses on the network increasing by 72% in two weeks, demonstrating strong investor interest and activity.
The cryptocurrency market is witnessing a strong return of memecoins on the Solana platform. According to data from CoinGecko, the total market value of memecoins on Solana reached $9.2 billion on July 24, growing significantly compared to the previous week.
This growth is driven by the impressive performance of several prominent memecoins. Cat in Dogs World (MEW) leads the way with 82% growth over the past week, followed by Gigachad (GIGA) with 45.5%.
Network activity skyrocketed, strengthening Solana position
It is worth noting that the growth of memecoin on Solana occurs in the context of a strong increase in activity on this blockchain network.
Data from The Block shows that the number of active addresses on Solana increased 72% within two weeks, reaching more than 2 million addresses on July 23. Volume on DeFi applications on Solana also recorded an impressive increase, reaching $2.54 billion on July 19, compared to $603.8 million on June 29.
Source: defillama
The increase in network activity shows that investor interest in Solana goes beyond simply speculating on memecoins. Instead, Solana is attracting real users by its development activities and practical applications on this blockchain platform.
The listing of MEW on major exchanges such as WhiteBIT and Demex also contributed to driving the growth wave of memecoin on Solana.
However, investors need to be cautious about the unpredictable fluctuations of the memecoin market. History has proven that this is a market that is easily influenced by crowd psychology and can reverse quickly.
