Solana’s market cap rebounds, driven by meme coins

Solana’s cryptocurrency market capitalization rose to $8.1 billion in Asia, compared to the previous figure, which stood at $77.9 billion in November 2021.

The pricing of Solana increased by 10% in the past day, reaching the figure of $183.55. In the case of its highest price, it was in November 2021, it was $259.96.

According to the Director of Market Development at Matrixport, Benjamin Stani, he holds the present memecoin chain responsible for the excellent market capitalization figure.

In his opinion, Solana’s blockchain-oriented meme coins have proved themselves within the markets during the past twenty-four hours, with Dogwifhat rising by 20%, along with PopCap by 35% and Bonk’s increasing by 10% more.

Solana added that the Solana-oriented Bonk and Dogwifhat are the initial non-Ethereum meme tokens that reached the billion-dollar figure in market capitalization. It boils down to further utilization for Solana and not the non-EVM chains.

In the words of the co-founder of the Colosseum, Clay Robbins, meme coins are having their day in the sun on Solana for availability reasons.

A short while back, the Solana network updated the figures about the daily number of fresh addresses on the blockchain. If considered over seven days, the figure stood at 738,040.

Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

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