Solana has overtaken Ethereum in weekly on-chain buying and selling quantity, signaling a significant shift. In line with a current report by Wintermute, Solana’s on-chain quantity reached a staggering $51 billion, edging out Ethereum’s $46 billion.
This surge in exercise comes as the general weekly on-chain buying and selling quantity throughout cryptocurrencies jumped 50% to $39 billion. Nevertheless, it’s the composition of Solana’s buying and selling quantity that’s elevating eyebrows within the crypto group.
The Meme Coin Phenomenon: Driving Solana’s Development
Meme cash have emerged as a dominant power on the Solana blockchain, accounting for a whopping 40% of its whole buying and selling quantity. Main the cost is PumpDotFun, which alone represents 35% of Solana’s whole decentralized trade (DEX) quantity.
This meme coin mania isn’t simply inflating buying and selling volumes; it’s additionally fueling an explosion in token technology on Solana.
The blockchain now instructions an 86% market share in token creation, up from 60% in early September. Weekly token technology on Solana has greater than doubled, surging from 45,000 to 110,000.
The efficiency of meme cash has been nothing in need of exceptional. The GMCI Meme Index has surged 34% previously month, practically matching the 39% development of the broader GMAI Index. 12 months-to-date, the GMCI MEME index has skyrocketed 140%, far outpacing different sectors.
This meme coin dominance isn’t going unnoticed by institutional traders. There’s rising curiosity from conventional finance gamers, doubtlessly signaling a shift in how these often-dismissed property are perceived.
