Solana market cap hits all-time high, price surges 10% amid memecoin fever

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UPDATED: March 15, 2024, 1:29 amEDT

solarium SUN

Cryptocurrency market capitalization hit an all-time high of $81.1 billion on Friday morning in Asia, according to The block pricing page. The previous high of the market capitalization was around $77.9 billion in November 2021.

Solana price rose 10% in the last 24 hours to $183.55 around 9:30 am Hong Kong time, while its all-time high price of $259.96, recorded in November 2021, remains being distant.

Activity powered by Memecoin

“It is on-chain activity led by memecoin that is driving SOL,” Benjamin Stani, director of business development at Matrixport, told The Block. Solana's blockchain-based memecoins stood out in the markets in the last day: Dogwifhat jumped 20%, Popcat rose 35%, and Bonk added 10%.

Stani said Bonk and Solana-based Dogwifhat are the first non-Ethereum meme tokens to reach a $1 billion market cap. "It means there is a clear use for Solana, and I think the debate about non-EVM chains not being relevant is clearly resolved," Stani added.

Clay Robbins, co-founder of the Coliseum he previously told The Block that memecoins are "having a moment" on Solana because they are fun and accessible.

Earlier this week, the Solana network updated its record of the daily number of new addresses on the blockchain. The number of daily new addresses, based on a seven-day moving average, reached 738,040 on Wednesday, according to Block Data Panel.

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© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial or other advice.

About the Author

Danny Park is an East Asia reporter at The Block who writes on topics including Web3 developments and crypto regulations in the region. He was previously a reporter at Forkast.News, where he actively covered the fall of Terra-Luna and FTX. Based in Seoul, Danny has previously produced written and video content for media companies in Korea, Hong Kong and China. He has a Bachelor's Degree in Journalism and Business Marketing from the University of Hong Kong.

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