Meme Coin Craze Fuels Solana Rally – Is $180 the Next Stop for SOL?
Solana Reaches $159 After Surging 13%
SOL, the native token of the fifth-biggest blockchain, Solana, has gained over 13% this week, becoming one of the top performers. On-chain data indicates that the latest rally is driven by the growing demand for meme coins, which have boosted Solana’s total value locked (TVL) and trading volumes on decentralized exchanges.
While some analysts doubt that the hype around Solana’s meme coin ecosystem is enough to propel SOL’s price further, others have shown optimism that the token will rally and trade above $180 by the end of the month.
So, what’s driving the surge in demand for Solana-based meme coins? Crypto analysts from Cointelegraph claim that many traders with influential X (formerly Twitter) accounts have shifted their focus to the Solana meme coin ecosystem and are now encouraging their followers to invest in their recommended tokens.
Hottest Meme Coins on Solana This Week
Several meme coins have boosted investor interest in Solana this week. For instance, The Goatseus Maximus (GOAT) token saw its market valuation touch $400 million on Wednesday after an X-powered AI bot promoted it. GOAT, which was created on PumpFun, a top decentralized app that allows users to launch without providing initial liquidity, is up 606% over the last seven days, according to data from CoinGecko.
Other Solana meme coins that have rallied significantly this week, thus increasing demand for SOL, include Apu Apustaja (APU), which is up 169%; FWOG, which has recorded 7-day gains of 135%; SPX, which has rallied 378%; and TRUMP, which has surged 95%.
Analysts Say Network Activity on Solana Supports Higher SoL Price
As mentioned, meme coin trading on Solana has improved the network’s TVL, which is the amount of funds deposited into various Solana-based smart contracts. Data from DefiLlama shows that over 40 million SOL tokens have been committed to the Solana blockchain since the start of the year.
In comparison, BNB Chain users have locked only 7.8 million BNB tokens, while those on Ethereum have deposited 17.6 million ETH this year.
Top decentralized exchange Raydium enjoys the largest share (68%) of Solana’s TVL, according to DefiLlama’s data. That said, as TVL on Solana grows, CoinTelegraph analysts expect demand for SOL to surge, thus pushing the coin to $180.
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