Crypto News Report:
Solana has surpassed Ethereum in the meme coin sector. Activity across the Solana network surged in the last quarter.
Solana [SOL] is among the few cryptocurrency networks that saw substantial growth last year. One reason for Solana’s rapid expansion is the emergence of meme coins.
Solana Overtakes Ethereum
A recent report by CoinMarketCap highlighted a significant trend in the cryptocurrency market for the first half of 2024.
Meme coins based on Solana experienced extraordinary growth, averaging nearly 800% year-to-date (YTD) compared to Ethereum peers.
This surge outpaced meme coins, signaling increasing investor attention to Solana’s ecosystem itself during this period compared to Ethereum.
While this heightened interest may not directly translate into corresponding network activity, it indicates a notable shift in investor sentiment.
Since October 2023, Solana’s native token SOL and its broader ecosystem, including meme coin projects, have witnessed significant increases in value and public interest.
This momentum has propelled Solana to the forefront of the cryptocurrency arena, solidifying its position as an increasingly prominent competitor.
Despite Ethereum currently maintaining its dominant position, Solana’s impressive growth cannot be ignored, suggesting potential challenges ahead for the longstanding leader.
Solana’s Activity Surges in Q4
Network activity on Solana saw a substantial increase in the second quarter of 2024. Transaction fees and revenues grew exponentially, exceeding $26 million, a 42-fold increase year-over-year.
This growth reflects a thriving ecosystem, with total SOL transactions reaching a staggering $292 billion, nearly seven times higher than the same period in 2023, further proving its momentum.
Delving into network metrics, Q2 2024 witnessed over 15.3 billion transactions, including voting and non-voting activities, indicating a significant increase in overall network utilization.
Furthermore, the total locked value in SOL DeFi protocols soared to $3.4 billion, a tenfold increase year-over-year. This surge underscores Solana’s growing popularity in decentralized finance applications.
Solana’s NFT sector also experienced explosive growth. In Q2 2024, over 98 million new NFTs were minted, marking a staggering 54-fold increase from the previous year.
Reading into Solana’s [SOL] Price Predictions for 2024-25
This illustrates a vibrant and dynamic NFT ecosystem within the network.
Notably, USDC’s market cap on Solana reached $2.15 billion, approximately 70% of the platform’s total stablecoin market value.
