Solana meme coin takes off with SOL 15% TVL jumps

Solana Meme Coins Surge as Market Interest Shifts

Solana-based meme coins have seen a remarkable surge in value, with dog- and cat-themed tokens delivering substantial returns. As the financial year draws to a close, these meme cryptocurrencies have gained significant traction.

With a 14% surge over the past week, SOL has rebounded from its recent dip. This growth is supported by a surge in the value of its ecosystem tokens, such as BONK, Dogwifhat (WIF), and Popcat. Data indicates that Solana is overtaking Ethereum as a hub for high-growth meme cryptos.

Solana Dominates the Meme Coin Niche

According to DeFiLlama, Solana's total value locked (TVL) has increased by approximately 15% over the past week. Ethereum, on the other hand, has experienced a slightly lower but still impressive 12% gain during the same period. SOL remains the third-largest blockchain, with a TVL of $5.288 billion.

Solana's recovery rally has seen it gain 15% in a week, after its price fell to $120 in September. At the time of writing, SOL trades at an average price of $150.28, although it remains 20% below its value 60 days ago. Its 24-hour trading volume has risen by 23% to $2.86 billion.

Traders Flock to Solana Ecosystem

Coinglass data suggests that traders are increasingly seeking opportunities within the Solana ecosystem. SOL's Open Interest (OI) has spiked by 2.69% over the past 24 hours, indicating a potential change in price.

Popcat and Dogwifhat Lead the Charge

Cat-themed Popcat has emerged as a standout performer, with its price soaring by an extraordinary 12,800% this year. The meme crypto recently exceeded $1 billion in market capitalization, driven by a 13% surge over the past 24 hours. Popcat's 24-hour trading volume has also surged by 54% to $151.7 million. At press time, it trades at an average price of $1.02.

Dogwifhat is another notable gainer, boasting a 1,108% increase since January. The token has reclaimed a $2 billion market cap after a 15% jump. Amid this rally, WIF has surpassed the crucial $2 mark. The collective market capitalization of Solana-based meme coins has approached $8 billion, with a gain of approximately 10% over the past day.

Ethereum Meme Coins Lag Behind

In contrast, Ethereum's meme coins have exhibited more modest performance. Pepe and Floke have recorded year-to-date gains of 520% and 292%, respectively. Established players such as Dogecoin and Shiba Inu have experienced more subdued increases of 45% and 23%.