- Solana ended the week strong with a 7% gain, driven by significant increases in Solana-based memecoins, pushing the ecosystem’s market cap to $8.6 billion.
- Notable memecoins like Dogwifhat, Bonk, and Moo Deng saw substantial gains, while Solana’s overall network volume and Total Value Locked (TVL) experienced slight upticks.
Solana-based memecoins experienced strong gains last week, pushing the ecosystem’s market cap to $8.6 billion.
Memecoins Fuel Solana’s Market Cap Rise
Solana memecoins surged this past week, significantly contributing to the ecosystem’s market capitalization, which hit $8.6 billion. This notable increase highlights the growing influence of these assets within the Solana ecosystem.
According to CoinGecko, key memecoins ended the week positively, driving up the overall market cap. Dogwifhat (WIF) led the pack with a 33% gain, now trading around $2.28, and holds the largest market cap among Solana memecoins at over $2.2 billion. Bonk (BONK), the second-largest memecoin by market cap, surged over 30% and is currently trading at $0.000023, valued at over $1.6 billion.
Moo Deng Skyrockets Over 400%
The biggest gainer of the week was Moo Deng, skyrocketing by over 400% in just seven days. As of this writing, Moo Deng trades at $0.24, with a market capitalization exceeding $241 million.
Slight Uptick in Solana Volume
While memecoins surged, the overall network volume did not see a drastic spike. However, data from DefiLlama indicates a slight increase, with daily trading volume remaining either above $1 billion or close to it, marking an improvement from prior levels. Additionally, Solana’s Total Value Locked (TVL) experienced a rise, moving from $5 billion to over $5.4 billion in the past week.
SOL Shows Steady Growth
Solana itself posted a 7% increase over the last seven days, making it the third-highest gainer among major cryptocurrencies, according to CoinMarketCap. Currently, Solana is trading at $155.38, down slightly by 0.89%. The technical indicators show short-term bullish momentum, with the price holding above key moving averages. The 50-day moving average is at $141.74, and the 200-day moving average sits at $154.66, signaling potential for continued upward momentum. However, a sustained breakout will require stronger trading volume to maintain this positive trend.
Solana’s strong performance this past week, bolstered by significant gains in memecoins, highlights the growing impact and value of these assets within the ecosystem. With a market cap of $8.6 billion and SOL’s steady growth, the Solana ecosystem shows potential for continued upward momentum, though sustained performance will hinge on maintaining and increasing trading volume.
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