$100 Million Flows Into Solana Memecoins – SOL Surges While Crypto Slumps
Key Takeaways:
- Over $100 million has flowed into Solana meme coins in the past 72 hours, causing the price of SOL to skyrocket by 10.97%.
- With the Bitcoin halving just over a month away, crypto fanatics are expecting a massive price surge, leading to speculation running rampant in the crypto market.
- The Solana network has emerged as a favorite among project creators and presale investors, with people flocking to Solana-based meme coins hoping to bank huge profits.
Solana Memecoin Presales Raise Over $100 Million in 72 Hours
The crypto market slumped following Bitcoin's new All-Time High (ATH) of $73,794 on Thursday, March 14th. However, this downtrend didn't trouble Solana.
Over the weekend, Solana set record numbers across various metrics, such as market capitalization, Total Value Locked (TLV), and accrued fees. The network's impressive numbers can be attributed to Solana memecoin presales, which brought in over $100 million over the weekend.
With Solana hitting unprecedented numbers, many investors are wondering whether it could continue its lead over Ethereum. While we'll have to wait and see whether Solana can maintain its activity numbers, it has already positively impacted the price of SOL.
Solana Crosses $200
With investors pouring money into presales, hoping to find the next DOGE or SHIBA, Solana set records for daily decentralized exchange (DEX) volume. Enjoying a sharp 13.64% increase in weekly DEX volume, Solana overtook Ethereum as the network with the highest volume.
Over the past 24 hours, more than $2.74 billion worth of transactions have been conducted on Solana DEXs. Over 30% more than Ethereum's $2.03 billion. With all eyes on Solana, the SOL token has surged, crossing $200 for the first time since 2021, becoming the fourth largest cryptocurrency by market cap.
Google Trends also reports that the search term “Solana” is at its highest-ever volume, overtaking Ethereum in daily searches.
The Future of Solana
It's difficult to say how the Solana network's influx of presale investment will impact the price of SOL. In the short term, it's clear that increased activity leads to SOL sharply climbing. However, it's too early to determine whether the network can maintain its newfound activity.
If investors continue flocking to the Solana network for presales, we could see parabolic growth once the bull run takes off. As such, monitoring the network over the coming months will be interesting.
Jay Leonard
Jay has been providing commentary on the cryptocurrency market and offering readers guidance for over three years. While primarily focused on fundamental analysis and what institutional adoption means for the industry, Jay also has experience with technical analysis, actively trading and investing in a wide range of assets.
