BONK, POPCAT, and Solana memecoins remain green even as Bitcoin prices drop.
Almost every corner of the crypto market settled to some degree in April, but memecoins in the Solana ecosystem seem to be charting a different path.
According to CoinGecko data, the total market value of memecoins on Solana increased significantly in the last 24 hours, rising 4.2% to $8.261 billion.
BONK was the biggest gainer, up 15.2% in the last 24 hours and 8.7% in the last hour. POPCAT has made double-digit gains of 10.7% in the last 24 hours and 214% in the last seven days.
Solana-based meme token in market value – Dogwift (YF) – showed a 1.4% increase in price on the day and a 5% increase in one hour, which brought the market value to 3.185 billion dollars. Notably, WIF still accounts for about half of Solana's total memecoin market share.
Many crypto analysts believe that it is normal for memecoins to launch and decline at a faster rate when the price of BTC crashes.
Mert Mumtaz, founder and CEO of Helios Labs, highlighted the importance of memecoins to the industry and the networks that host them, saying that memecoins are good for “getting crypto into more people's hands” and testing networks for stress.
Mumtaz added
“Memecoins Solana will improve 10x long-term, as NFTs will in 2021.”
According to CoinGecko's latest report, the memecoin sector has emerged as the most profitable narrative year-to-date.
The bullishness of Solana memecoins reflects a broader trend of capital returning to riskier assets as the market prepares for a sustained recovery after the April 20 Bitcoin halving event.
Solana network activity has increased.
Solana memecoins' rally amid pullbacks in the broader market is evidence of Solana's growing importance as a Layer 1 ecosystem. This means that investors' views on blockchain are not speculative. Rather, it relies on genuine user involvement and high development activity.
Its potential is bolstered by high transaction volumes and the growth of DeFi applications (DApps).
Related: Why Is Solana (SOL) Price Down Today?
The volume on Solana rose to $1.5 billion on April 25, up from $840 million on April 7, according to Defilama data.
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 closed yesterday—more numbers than were recorded in 2022 and 2023.
The price of Solana is slightly retracement
Compared to memecoin's gains, Solana (SOL) price has pulled back after the rally that started on April 17.
According to data from Cointelegraph Markets Pro and Tradingview, the price of SOL decreased by 1.15% to $147 in the last 24 hours.
According to data from CoinMarketCap, trading volume on all major centralized cryptocurrency exchanges has decreased by 56%.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
