- Since October, Solana’s TVL grows to $2.53 billion; memecoins market value rises to more than $5.6 billion.
- Value moved on-chain on Solana touches $8.09 billion on March 22, with TVL reaching $4.414 billion according to DeFiLlama.
Bloomberg’s recent report tells of positive bullish signals for Solana, driven by the rise of memecoins in its ecosystem. Here some key points, incorporating specific figures and data mentioned in the information provided:
Impressive surge in trading volume:ย Trading volume on the Solana blockchain reached its highest in more with memecoins like Slerf generating nearly $2 billion in volume in just 24 hours. Total volume on Solana for the same period approached $11 billion.
SOL price recovery and TVL growth: Following the memecoins boom, the Total Locked-in Value (TVL) on Solana experienced a significant increase, surpassing $4.14 billion, the highest in more than two years.
This growth has also been reflected in a recovery in the price of SOL, which recently increased by around 4%, showing a positive trend in line with other major crypto assets.
Related: Solana takes on the Memecoin craze
Network expansion and scalability challenges: Since October last year, Solana’s LTV has grown from less than $300 million to approximately $2.53 billion, demonstrating the expansion of its web ecosystem3.
In addition, the market value of Solana’s memecoins reached over $5.6 billion with an average daily trading volume of around $3 billion, highlighting potential challenges in network scalability.
Increased network activity and positive pricing trends: Recent memecoins-driven activity has led to an increase in the price of SOL-based tokens and a spike in network activity.
The value moved on-chain on Solana reached $8.09 billion on March 22, marking a near two-year high. In addition, Solana’s LTV recorded $4.414 billion according to DeFiLlama, the highest level since April 5, 2022.
You can also read: Binance’s cryptic move triggers Solana’s new coin MUMU – Details
On another note, Solana currently holds 42.3% of the stablecoin market share at the moment, up from its 1.9% share a year ago.
Despite this, nearly 65% of Twitter users do not believe Solana will turn Ethereum around.
Although, mentioning Jan Happel and Yann Allemann, co-founders of Glassnode, predict an increase in SOL’s market cap ratio, forecasting a possible rise to 0.76 of ETH or more from an Elliott wave perspective; they foresee SOL’s growth outpacing ETH’s in the near term.
