In the cryptocurrency market, Solana (SOL)-based memecoins have surged significantly in the last 24 hours. With Solana’s main asset SOL recovering a significant portion of its weekly losses, cat and dog-themed memecoins like POPCAT and WIF have risen by up to 25%. Smaller Solana-based memecoins like MUMU and CATDOG have gained 30% in value.
Solana-Based Memecoins Provide Significant Boost to Ecosystem
The rise in Solana-based memecoins contrasts with the decline of major memecoins on other Blockchain networks. For instance, major memecoins like Dogecoin (DOGE) and Pepe (PEPE) fell by up to 5% during the same period. This situation highlights the intense interest of investors in Solana-based memecoins.
The transaction volume on the Solana network more than doubled on Monday, rising from $1.5 billion to $3.3 billion. According to data provided by DefiLlama, daily transaction fees reached at least $750,000. The fees on Pump, a popular platform used to launch new memecoins on Solana, also rose from below $300,000 on Monday to $535,000 in the last 24 hours. This indicates an increased risk appetite among investors.
Meanwhile, SOL’s price rose by 7.5% in the morning, surpassing $150 and outperforming many major altcoins. SOL, which had fallen from $145 to $112 on Monday, recorded the highest increase among major altcoins.
SOL and Solana-Based Memecoins Show Strength with Spot ETF Expectation
The rise in Solana’s main asset SOL and Solana-based memecoins is attributed to the anticipated launch of a spot Solana exchange-traded fund (ETF). Such an ETF would make Solana the third spot cryptocurrency offered to professional U.S. investors, marking a significant step towards mainstream adoption of SOL.
Metalpha senior analyst Lucy Hu stated, “The possibility of Solana ETF approval gives investors hope for SOL’s mainstream adoption.” Hu also added, “SOL’s rapid recovery, along with market stabilization, shows renewed confidence in the overall cryptocurrency market. SOL has proven itself with innovations, and memecoins continue to gain popularity.”
In early July, CBOE, VanEck, and 21Shares filed 19b-4 applications with the U.S. Securities and Exchange Commission (SEC) to list potential spot Solana ETFs. These applications were initially made at the end of June.
