Solana

Gigachad

Block

Memecoins in the Solana ecosystem have seen significant gains over the last seven days, outperforming the broader crypto market.
Data from CoinGecko reveals that the total market capitalization of memecoins on the&nbsp;<a href="https://cointelegraph.com/news/what-is-solana-and-how-does-it-work#:~:text=Solana%20is%20a%20highly%20functional,%2Dspeed%20layer%2D1%20blockchain.">Solana</a>&nbsp;blockchain has significantly risen in the last seven days to rest at $9.2 billion on July 24.
Cat in Dogs World (MEW) posted the most weekly gains, rising 82% over the last seven days and 1.4% in the last 24 hours. Gigachad (GIGA) followed with double-digit gains of 45.5% over the last seven days and 9% over the last 24 hours.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-07/07cb92b3-7095-4ed9-a00a-6e13ca24aad6.png" alt="MEW, WIF and Solana memecoins soar amid increasing network activity">
 <figcaption style="text-align: center;">
 Large-cap memecoins in the Solana ecosystem. Source: CoinGecko
 </figcaption>
</figure>
The largest Solana-based meme token by market capitalization — <a href="https://cointelegraph.com/news/dogwifhat-price-to-10-arthur-hayes">Dogwifhat</a> (WIF) — saw a 1.8% price ascent on the day and a 21.5% increase in a week, bringing its market cap to $2.54 billion. Notably, <a href="https://cointelegraph.com/news/dogwifhat-10-wif-3rd-largest-memecoin-whales">WIF still accounts</a> for nearly a third of Solana’s total memecoin market value.
The latest price surge in MEW follows a July 23 X post by WhiteBIT, a Ukraine-based crypto exchange, <a href="https://x.com/WhiteBit/status/1815738270594040271" target="_blank" rel="noopener nofollow">revealing</a> that it had listed the memecoin.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-07/3f0c8e4b-03e7-4a0e-b123-3dc462971ac0.png" alt="MEW, WIF and Solana memecoins soar amid increasing network activity">
 <figcaption style="text-align: center;">
 Source: WhiteBIT
 </figcaption>
</figure>
Demex, a Cosmos-based decentralized exchange, also <a href="https://x.com/demexchange/status/1815948516377907293" target="_blank" rel="noopener nofollow">announced</a> the listing of MEW.
The bullishness displayed by Solana memecoins reflects a broader investor sentiment toward the sector, with a recent <a href="https://www.coingecko.com/en/categories/meme-token" target="_blank" rel="noopener nofollow">report</a> by CoinGecko revealing that the asset class has emerged among the <a href="https://cointelegraph.com/news/top-crypto-narratives-q2-2024">top narratives</a> in Q2/2024. 
Related: <a href="https://cointelegraph.com/news/why-is-solana-price-up-this-week">Why is Solana (SOL) price up today?</a>
<h2 id="solana-network-activity-spikes">Solana network activity spikes</h2>
The rally in <a href="https://www.blockchain-council.org/certifications/certified-cryptocurrency-expert/#1531892509825-04107bde-1071" target="_blank" rel="noopener nofollow">Solana memecoins</a> is evidence of the increased relevance of the layer-1 ecosystem. This means investors’ sentiment toward the Solana network is not speculative. Instead, it appears to be backed by rising development activity and genuine user engagement.
Its potential has been reinforced by high transaction volumes and growth in DeFi applications (DApps).
Data from DefiLlama reveals that volume on Solana climbed to $2.54 billion on July 19, up from $603.8 million on June 29. The blockchain’s all-time high volume is $3.8 billion, set on March 15.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-07/0d5c11f6-af8b-4e7f-b195-08418ead4d35.png" alt="MEW, WIF and Solana memecoins soar amid increasing network activity">
 <figcaption style="text-align: center;">
 Transaction volume on Solana. Source: DefiLlama
 </figcaption>
</figure>
Additional data from The Block shows that the number of active addresses on the Solana network has increased sharply over the last two weeks. According to the chart below, more than 2 million active addresses were clocked on July 23, 72% higher than the 1.45 million recorded on July 10.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-07/6e156d94-2b32-43ca-ad3d-9bf4a80a2c0b.png" alt="MEW, WIF and Solana memecoins soar amid increasing network activity">
 <figcaption style="text-align: center;">
 Number of daily active addresses on Solana. Source: The Block
 </figcaption>
</figure>
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

MEW, WIF and Solana memecoins soar amid increasing network activity

Table of Contents

Cointelegraph

Other articles published on Jul 24, 2024

Hong Kong debuts Asia’s first inverse Bitcoin ETFs: Time to bet on bears?

IBIT stock soars 20% in 2 weeks as Bitcoin ETF sees $534M inflows

MEW Price Prediction: Can Cat In A Dog’s Hit the Moon Next?

Can AI automation transform the economy, or is it just a mirage?

Coinbase CEO: Bitcoin a ‘Check and Balance’ Against US Debt Crisis

Hamster Kombat's Rise: Valuation and Market Prospects

Join our free newsletter for daily crypto updates!