Solana (SOL) has recently witnessed a notable increase in its actual economic value, outperforming Ethereum (ETH) in the process.
Moreover, network fees have experienced a significant spike, reaching their second-highest levels in history, mainly driven by memecoin-related activities. The Total Value Locked (TVL) has also been on the rise, mirroring the trend in network fees.
Solana Witnesses Unprecedented Surge in…
Recent data from Blockworks reveals that Solana network’s actual economic value has surged to over $11 million, marking a new all-time high for the network and surpassing Ethereum’s economic value.
In addition, an analysis by CryptoCrypto highlights that network fees have surged to their second-highest point in history during the latest trading session.
DefiLlama’s chart displayed a fee increase to approximately $4.7 million on October 25. The network recorded its highest daily fee on March 18, exceeding $4.9 million.
Interestingly, this surge coincided with a significant uptick in memecoin activity, which significantly contributed to the fee hike.
Solana Memecoins Propel Market Cap Expansion
Memecoins within the Solana ecosystem have continued their growth trajectory, significantly impacting the overall market capitalization.
According to CoinGecko data, memecoin market capitalization stood at over $11.5 billion at present, reflecting an almost 1% increase in the last 24 hours.
Furthermore, the 24-hour trading volume approached $4 billion, with the market capitalization exceeding $78 billion.
dogwifhat (WIF) retained its top position among memecoins on the network, boasting a market capitalization of nearly $2.5 billion at the time of this report.
Following closely were Bonk (BONK) and Popcat (POPCAT) with market caps of $1.5 billion and $1.4 billion, respectively.
TVL Surges Alongside Positive Price Trends
Analyzing the Solana Total Value Locked (TVL) revealed a recent uptick over the past few weeks. DefiLlama data indicated that TVL surpassed $6.7 billion on October 24, marking the highest TVL level since 2022.
Although it slightly dipped to around $6.4 billion as of the latest update, it remained higher than the figures observed in 2023.
Moreover, the upward price trend of SOL has played a crucial role in bolstering the TVL trends positively. Currently trading at approximately $167, SOL has seen over a 1% increase in value.
This price surge, along with the favorable memecoin momentum, has significantly contributed to the TVL growth observed in recent weeks.