Updated: March 14, 2024, 9:36 PM EDT
The market capitalization of the Solana cryptocurrency reached an all-time high of $81.1 billion in Asia on Friday morning, according to . Block price page. The previous highest market capitalization was approximately $77.9 billion in November 2021.
Solana's price has risen 10% in the past 24 hours to $183.55 at around 9:30 a.m. Hong Kong time, but it is still far from its all-time high of $259.96 hit in November 2021.
Meme coin-driven activities
“What’s driving SOL is memecoin-driven on-chain activity,” Benjamin Stani, director of business development at Matrixport, told The Block. Solana blockchain-based meme coin has performed well in the market over the past day. Dogwifhat soared 20%, Popcat soared 35% and Bonk rose 10%.
Stani said Solana-based Bonk and Dogwifat are the first non-Ethereum meme tokens to reach a billion dollar market cap. “This means that the usage of Solana is clear and I think the argument that non-EVM chains are not relevant is clearly settled,” he added.
Coliseum co-founder Clay Robbins previously told The Block Memecoins are fun and accessible, so Solana says he's been “enjoying them for a while.”
Earlier this week, the Solana network broke a record for the number of daily new addresses on the blockchain. The number of new addresses per day, based on a seven-day moving average, reached 738,040, according to Wednesday's announcement. Block data dashboard.
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