Token

Cryptocurrency

Solana

BOOK OF MEME

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/solana-soars-with-meme-token-surge" rel="noopener noreferrer nofollow">Solana Soars with Meme Token Surge</a><br></p>
<p style="text-align: justify">The enthusiasm for meme tokens has propelled <a href="https://en.bitcoinhaber.net/the-solana-network-hit-by-scams-and-declining-market-value" rel="noopener noreferrer nofollow">Solana</a>‘s ecosystem, leading to a surge in network interactions and fee revenues. An analysis revealed that Solana raked in over $20 million in fees within a week, trailing only behind <a href="https://en.bitcoinhaber.net/coinbase-pitches-ethereum-etf-to-sec-for-market-expansion" rel="noopener noreferrer nofollow">Ethereum</a>. The smart contract platform’s market share also witnessed a jump, capturing 10.75% of the total transaction fees.</p>
<h2 id="trend-shifts-towards-solana">Trend Shifts Towards Solana</h2>
<p style="text-align: justify">Cryptocurrency expert David Alexander II noted a dramatic increase in Solana’s network fee capture, with interest in recently launched meme tokens like SLERF and BOOK OF MEME drawing in swaths of individual investors. This pivot from a historically low fee capture of under 1% points to Solana’s growing popularity and robust activity.</p>
<h2 id="surging-user-engagement-and-liquidity">Surging User Engagement and Liquidity</h2>
<p style="text-align: justify">Solana’s daily active user figures soared, peaking at 2.1 million on a single day, and decentralized exchanges on the network experienced heightened activity. This drove weekly volumes to surpass those of Ethereum’s DEXs, according to reports from DeFiLlama.</p>
<p style="text-align: justify">The influx of activity also led to an increase in liquidity, with Solana’s total value locked exceeding $8 billion. The price of Solana’s native token (SOL) momentarily breached the $200 mark, a peak not seen since December 2021, though it later settled at $174.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/solana-soars-with-meme-token-surge" rel="noopener noreferrer nofollow">Solana Soars with Meme Token Surge</a></h5>

Solana Soars with Meme Token Surge

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