Solana market cap hits record high, price surges 10% amid memecoin craze

Solana brush

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The cryptocurrency market capitalization reportedly hit a record high of $81.1 billion in Asia on Friday morning. The Block’s pricing page. The previous highest market capitalization was approximately $77.9 billion in November 2021.

The price of Solana was up 10% in the last 24 hours to $183.55 at around 9:30 AM Hong Kong time, still far from the all-time high of $259.96 hit in November 2021.

Memecoin-based activities

“What drives SOL is the on-chain activity driven by memecoins,” Benjamin Stani, director of business development at Matrixport, told The Block. Solana blockchain-based memecoin has performed exceptionally well in the market over the past day. Dogwifhat is up 20%, Popcat is up 35% and Bonk is up 10%.

Stani said Solana-based Bonk and Dogwifhat are the first non-Ethereum meme tokens to achieve multibillion-dollar market caps. Stani added, “This means the purpose of Solana is clear, and the debate about what is not an EVM chain seems to have definitely been resolved.”

Colosseum co-founder Clay Robbins I previously told The Block: Memecoins are “having a moment” on Solana because they are fun and accessible.

Earlier this week, Solana Network updated its record for the number of daily new addresses on its blockchain. The daily number of new addresses, based on a seven-day moving average, reached 738,040 on Wednesday. The Block’s data dashboard.

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