SOL Crosses $200 as Meme Coin Frenzy Bumps Demand for Solana Network

Scores of newly issued tokens boast trading volumes of tens of millions, showcasing network usage and demand for blockspace.

AccessTimeIconMar 18, 2024 at 8:03 a.m. UTC
Updated Mar 18, 2024 at 8:34 p.m. UTC
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  • SOL crossed its previous market cap high of $75 billion.
  • The network activity is likely being driven by the meme coin frenzy.

Solana’s SOL crossed $200 for the first time since November 2021 as network activity continues to grow rapidly on the back of the meme coin frenzy.

SOL is now 22% away from its lifetime peak of $260 but has already crossed its record market capitalization of $75 billion market capitalization, CoinGecko data shows, as new tokens entered the market over the past year.

Data shows that various metrics, such as network volumes, active wallets, total value locked (TVL), fees, and SOL’s market capitalization, crossed lifetime peaks over the weekend, led by a surge in pre-sale activity.

The network amassed $3.2 million in fees over a 24-hour period, beating a $300,000 record from 2021. Onchain volumes climbed over $3 billion, flipping a November 2022 record of $300 million.

Solana network metrics. (DefiLlama)
Solana network metrics. (DefiLlama)

However, net inflows to the Solana blockchain have been negative over the past week, suggesting there has not been a significant influx of new money into the ecosystem.

Sentiment data shows Solana network activity has been likely led by retail traders who chased newer meme coins and presales that popped up on the network over the weekend.

SOL was trading at $202 during Asian morning hours, up 10% since Sunday. Meanwhile, bitcoin was hovering over $68,000, while the broader CoinDesk 20 index is up 6%.

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Shaurya Malwa

Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.

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