How Solana Meme Coins and DeFi Pushed SOL Above $200 - Decrypt
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Solana (SOL) has climbed 7.5% on the day and 21.1% over the past week, according to CoinGecko, to a market capitalization of $95 billion. Early on Friday morning, the token peaked at a price of $202.55, the highest it's been since April 1, 2024. This previous high was reached before the network’s ki
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- Solana (SOL) has climbed 7.5% on the day and 21.1% over the past week, according to CoinGecko, to a market capitalization of $95 billion. Early on Friday morning, the token peaked at a price of $202.55, the highest it's been since April 1, 2024.
- This previous high was reached before the network’s killer app, Pump.fun, caused meme coin mania to start. Back in April Pump.fun, the most popular token launchpad in crypto, was responsible for just 10,000 tokens a day.
- Since then, the meme coin factory has hosted a slew of celebrity tokens, outrageous livestreams, as well as an innovative “AI-conceived” multi-million dollar coin.
- Now Solana has reached its April high, the Pump.fun trenches are also showing signs of good health. On Thursday alone, 32,000 tokens were launched, according to Dune dashboard data. And just this week the protocol passed 3 million total coins deployed over its lifetime.
- This meme coin frenzy was largely motivated by the U.S. Presidential election and continued by believed pro-crypto candidate Trump winning.
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