Mimecoin, a member of the Solana ecosystem, has seen significant gains over the past seven days, outperforming the overall cryptocurrency market.
According to data from CoinGecko, the total market cap of memecoins on the Solana blockchain has increased significantly over the past seven days, reaching $9.2 billion as of July 24.
Cat in Dogs World (MEW) has the biggest weekly gain, up 82% over the last 7 days and up 1.4% over the last 24 hours. Gigachad (GIGA) has been the biggest gainer, up 45.5% over the last 7 days and up 9% over the last 24 hours.
Dogwifhat (WIF), the largest Solana-based meme token by market cap, is up 1.8% on the day and 21.5% in a week, giving it a market cap of $2.54 billion. It’s worth noting that WIF still represents roughly a third of Solana’s total meme market cap.
The recent price surge of MEW comes after Ukraine-based cryptocurrency exchange WhiteBIT announced in a post on July 23 that it had listed Memecoin.
Demex, a Cosmos-based decentralized exchange, also announced MEW listing.
The strength seen in Solana and Mimecoins reflects investor sentiment across the sector, with a recent report from CoinGecko indicating that the asset class is poised to be one of the hottest topics in Q2 2024.
Related: Why did Solana (SOL) price go up today?
Solana Network Activity Surges
The rally in Solana’s mimecoin is evidence of the growing relevance of the Layer 1 ecosystem. That is, investor sentiment toward the Solana network is not speculative. Instead, it appears to be supported by increased development activity and genuine user engagement.
Its potential is enhanced by high trading volumes and the growth of DeFi applications (DApps).
According to data from DefiLlama, Solana’s trading volume increased from $603.8 million on June 29 to $2.54 billion on July 19. The blockchain’s all-time high trading volume was $3.8 billion on March 15.
Additional data from The Block shows that the number of active addresses on the Solana network has increased dramatically over the past two weeks. According to the chart below, there were over 2 million active addresses on July 23, a 72% increase from the 1.45 million recorded on July 10.
This article does not contain any investment advice or recommendations. All investment and trading moves involve risk, and readers should conduct their own research when making decisions.