Solana (SOL), a top-tier layer one (L1) blockchain with vibrant DeFi development activities, is emerging as a strong competitor, possibly threatening Ethereum’s long-held position in smart contracts. Despite being smaller, Solana recently surpassed Ethereum in daily decentralized exchange (DEX) volumes, reaching $3.7 billion compared to Ethereum’s $2.4 billion, according to defillama.
Solana’s growth is a sign of thriving DeFi (Decentralized Finance) activities within its ecosystem. The Total Value Locked (TVL) has seen significant growth, reaching around $4.2 billion, with stablecoins valued at about $2.67 billion.
Meme Coin Mania
Behind Solana’s climb lies an unexpected factor: meme coins. Led by Bonk (BONK), dogwifhat (WIF), BOOK OF MEME (BOME), and Myro (MYRO), Solana’s meme coin market has shot up to $6.387 billion, marking a 42 percent increase in the past 24 hours alone. Daily trading volume averages around $3 billion, showing the excitement around these unique digital assets.
Adding to the frenzy are trading bots, which capitalize on the volatility of meme coins. The recent listing of WIF and BONK on the Binance crypto exchange has brought more liquidity to Solana-based meme coins, pushing their growth even higher.
Also Read: Binance Tackles Insider Trading Allegations as BOME Coin Soars 40x on Listing
SOL Price Action
Amidst the meme coin craze, Solana’s native token, SOL, has benefited greatly. Surging past $200 for the first time in over two years, SOL’s future looks promising. Matthew Dixon, CEO of Evai, predicts a new all-time high (ATH) soon, setting a midterm price target of $256, aligned with the 1.68 and 2.0 daily Fibonacci Extension levels.
Solana’s rapid rise hints at a shift in the blockchain landscape, potentially challenging Ethereum’s dominance and opening doors to new decentralized possibilities.
Also Read: Top Altcoins That Could Soar 1104% in the Next 90 Days
We’re excited about what is to come. Are you?