Ethereum

Solana

Memecoin

DeFi

<p>The post <a href="https://coinpedia.org/news/solana-sol-surges-outpacing-ethereum-amid-memecoin-mania/">Memecoin Mania: Solana (SOL) Flips Ethereum in Trading Volume</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p><a href="https://coinpedia.org/price-prediction/solana-sol-price-prediction/">Solana</a>, often dubbed the “sleeping giant,” has recently woken up with a bang. Breaking through key resistance levels, SOL has shot up by over 12% in a bullish start to the week, crossing the $200 mark. This surge not only hints at the potential for a new all-time high but also highlights Solana’s growing dominance by surpassing <a href="https://coinpedia.org/price-prediction/market-price-prediction-ethereum-2019/">Ethereum</a> in trading volume, reaching an impressive $3.79 billion amid the ongoing meme-coin frenzy.</p> 
<p>Despite the negative rumors, the $SOL price rallied, becoming the fourth-largest crypto by market cap. Let’s see what happens next.</p> 
<h2 class="wp-block-heading" id="h-what-s-driving-solana-to-the-top">What’s Driving Solana to the Top? </h2> 
<p>Lookonchain, a top blockchain analytics platform, has provided valuable insights into what’s driving Solana’s rise in the cryptocurrency market. One key finding is Solana’s Total Value Locked (TVL) in decentralized finance (DeFi), which has surged to its highest level in two years, jumping a remarkable 80% in just the last month. This surge reflects growing confidence and activity within Solana’s DeFi projects as more money flows into them.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">As the price of <a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SOL</a> rises, whales begin to sell <a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SOL</a> to make profits.<br><br>Whale"BU6N2Z" deposited 200K <a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SOL</a>($39.85M) into <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw">#Binance</a> in the past 2 days.<br><br>He still holds 1.62M <a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SOL</a>($323M), of which 387K <a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SOL</a>($77M) in wallet and 1.23M <a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SOL</a>($246M) is staked.<a href="https://t.co/BUEnAJEElb">https://t.co/BUEnAJEElb</a> <a href="https://t.co/W2Et6Kviaz">pic.twitter.com/W2Et6Kviaz</a></p>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1769562300581900288?ref_src=twsrc%5Etfw">March 18, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>Also Read: <a href="https://coinpedia.org/price-analysis/solana-price-prediction-this-historical-pattern-hints-sol-price-can-hit-235/">Solana Price Prediction: This Historical Pattern Hints SOL Price Can Hit $235</a></p> 
<h2 class="wp-block-heading" id="h-the-meme-influence">The Meme Influence </h2> 
<p>Behind this surge in DeFi TVL are the numerous meme coins and tokens flourishing on the Solana blockchain. These tokens, fueled by viral trends and internet memes, have caught the attention of traders and investors, sparking a flurry of trading activity and a strong demand for Solana-based assets. </p> 
<p>A prime example is the rapid rise of <a href="https://coinpedia.org/news/top-reasons-why-book-of-memes-bome-price-surged-nearly-20x/">Book of Meme (BOME)</a>, a newly launched meme coin on Solana, whose market capitalization soared to an astonishing $1.45 billion in a remarkably short time, highlighting the potential for quick growth and speculation within the Solana ecosystem.</p> 
<p>On a rare scenario, Solana’s trading volume has occasionally outpaced Ethereum’s, indicating a shift in trading towards the Solana network. Notably, this surge is driven by rising interest in Solana-based assets and tokens, alongside the network’s capability to process high transaction volumes swiftly and affordably.</p> 
<p>Read More: <a href="https://coinpedia.org/price-analysis/bome-price-pullback-brings-the-best-entry-opportunity/">BOME Price Pullback Brings The Best Entry Opportunity!</a></p> 
<h2 class="wp-block-heading" id="h-the-whales-are-making-a-splash">The Whales are Making a Splash! </h2> 
<p>Furthermore, the actions of whales, or large investors, have a significant impact on Solana’s price movements. These whales, holding substantial amounts of SOL tokens, have been taking advantage of the recent surge by selling their holdings, potentially causing short-term fluctuations in price. </p> 
<p>For example, over two days, the whale “BU6N2Z” deposited 200,000 $SOL ($39.85 million) into Binance while still holding a significant stake in SOL.</p> 
<p>As Solana continues to assert its dominance, savvy investors stand to benefit from its upward trajectory.</p>

Memecoin Mania: Solana (SOL) Flips Ethereum in Trading Volume

Table of Contents

CoinPedia News

Other articles published on Mar 18, 2024

Dogwifhat pumps over 30%, new ICO Dogecoin20 turns heads

Australian Small Businesses Save Time and Money Using AI

Analyst Predicts Record High for Meme Coin and Optimism for Solana’s SOL

Elon Musk’s Tweet Catapults New Meme Coin to Soaring Heights

Investor Names Key Reason Behind Bitcoin Crash, Binance Quietly Tightens Token Listing Process, S...

DOJ wants 40-50 years prison and $11B fine for FTX’s Sam Bankman-Fried for fraud

Join our free newsletter for daily crypto updates!