MEW, WIF, and Solana memecoins have surged amid increasing network activity.
Memecoins in the Solana ecosystem have seen huge gains over the past seven days, outperforming the broader crypto market.
According to data from CoinGecko, the total market capitalization of memecoins on the Solana blockchain has increased significantly over the past seven days to rest at $9.2 billion on July 24.
Cat in Dog World ( MEW ) posted weekly gains, up 82% over the past seven days and up 1.4% over the past 24 hours. GigaChad (GIG) has made double-digit gains of 45.5% over the past seven days and 9% over the past 24 hours.
The largest Solana-based meme token by market capitalization – Dogwift (WIF) – saw a 1.8% price increase on the day and a 21.5% increase on the week, bringing its market value to $2.54 billion. Notably, WIF still accounts for about a third of Solana's total memecoin market cap.
The latest price increase in MEW follows a July 23 X post by Ukrainian-based crypto exchange WhiteBIT that lists Memecoin.
Demex, a decentralized exchange based on Cosmos, also announced the listing of MEW.
The bullishness of Solana memecoins reflects broader investor sentiment for the sector, with the asset segment emerging as one of the key narratives in Q2/2024 in a recent report by CoinGecko.
Related: Why is Solana (SOL) price up today?
Solana network activity has increased.
The rally in Solana memecoins is a testament to the importance of the Layer-1 ecosystem. This means that investors' views on Solana Networks are not speculative. Instead, it seems to be supported by growing development activity and genuine user participation.
Its potential is bolstered by high transaction volumes and the growth of DeFi applications (DApps).
According to data from Defilama, the volume on Solana rose to $2.54 billion on July 19.
Additional data from The Block shows that active addresses on the Solana network have increased significantly over the past two weeks. According to the chart below, over 2 million active addresses were closed on July 23rd, which is 72% higher than the 1.45 million registered on July 10th.
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.
