This past week has seen a rise in attention towards Solana-based memecoins, with several digital assets recording significant increases. Over the week, Solana’s market capitalization saw a modest uptick, and SOL ended the week positively.
Notable Gains in Solana Memecoins
As per CoinGecko, the current market capitalization of Solana memecoins stands at $8.6 billion, highlighting the substantial value these assets hold within the Solana ecosystem.
Key assets in this category closed the week positively, contributing to an overall increase in the market cap.
Leading the way was Dogwifhat (WIF), which saw a 33% increase over the week, currently priced around $2.28, making it the most valuable memecoin within Solana with a market capitalization exceeding $2.2 billion.
Following closely behind is Bonk (BONK), the second-largest memecoin by market cap, valued at over $1.6 billion. BONK’s price surged by more than 30%, now trading at $0.000023.
Moo Deng emerged as the top performer of the week, skyrocketing by over 400% in just seven days. Presently, Moo Deng is trading at $0.24, with a market capitalization surpassing $241 million.
Modest Uptick in Solana Volume
While Solana’s memecoins witnessed a price surge, the overall network volume did not experience a drastic spike. Nonetheless, there was a slight increase, as indicated by data from DefiLlama.
Comparatively, daily trading volume remained above or close to $1 billion, representing an improvement from previous levels.
Furthermore, Solana’s Total Value Locked (TVL) saw a slight rise, moving from $5 billion to over $5.4 billion within the past week.
Steady Growth in SOL
Recording a 7% increase over the last seven days, Solana positioned itself as the third-highest gainer among major cryptocurrencies, according to CoinMarketCap. Currently, SOL is trading at $155.38, with a marginal decrease of 0.89%.
Technical indicators suggest short-term bullish momentum, with the price holding above crucial moving averages.
The 50-day moving average stands at $141.74, while the 200-day moving average is at $154.66, indicating potential for sustained upward momentum. However, a continued breakout will necessitate increased trading volume to uphold this favorable trend.