Solana hit a record-breaking milestone on Thursday, deploying upwards of 77,000 token projects, with meme coins dominating the list, according to Step Finance.
Source: StepFinance / SPL Tokens on Solana, YTD
This growth is linked to the low cost and simplicity of minting meme coins on the network, making Solana an attractive platform for token creation.
Solana Tokens Drive Record On-Chain Activity
The record-setting deployment of Solana tokens coincided with a sharp increase in trading volumes and network activity.
On the same day, trading volumes on Solana reached an all-time high, driven largely by heightened interest in meme coins.
This activity generated daily fee revenue of $13.9 million, contributing to a total three-month revenue of $6.9 million, according to Artemis data.
Source: Artemis / Solana Fees and Revenue for the Last 3 Months
Additionally, decentralized exchange (DEX) trading volume on Solana exceeded $7.1 billion, while the total value locked (TVL) on the network surpassed $8.8 billion.
Solana has also outpaced Ethereum in DEX trading volume, capturing significant market share.
In the past 24 hours, Solana reported a trading volume of $6.762 billion compared to Ethereum’s $3.991 billion.
Source: DeFiLlama / Top-5 Chains by Dex Volume
Over a seven-day period, Solana’s $44.54 billion trading volume dwarfed Ethereum’s $15.43 billion, as noted by DeFiLlama.
Spot Solana ETF Filings Spark Renewed Interest
Interest in Solana has also surged following the filing of spot Solana exchange-traded funds (ETFs) in the United States.
Digital asset manager Bitwise registered a statutory trust in Delaware for a proposed Solana ETF on November 20. The following day, November 21, Bitwise submitted its S-1 application to regulators.
Today, the Cboe BZX Exchange has filed to list a spot Solana ETP from Bitwise. The ETP would directly hold SOL, the native token of the Solana blockchain and the third-largest crypto asset in the world. pic.twitter.com/5jgKxZN4L5
— Bitwise (@BitwiseInvest) November 21, 2024
Bitwise is the fourth firm to express interest in a Solana ETF, joining VanEck, 21Shares, and Canary Capital.
Bitwise CEO Hunter Horsley shared his optimism about Solana’s future during an interview with Blockworks, describing it as an “incredible emerging asset and story.”
He believes Solana’s rising adoption could make it a key player in the crypto market.
Horsley added that this appeal is particularly strong for investors entering the space through Bitcoin (BTC) and Ether (ETH) ETFs.
Horsley also said that the U.S. presidential election was “absolutely relevant” to Bitwise’s decision to file for its Solana ETF, and that it now feels like a “constructive time” to engage with regulators.
SOL Token Surges to Record Highs
Solana’s native token, SOL, stands out as one of 2024’s top-performing cryptocurrencies, surging 160% since the beginning of the year.
On Thursday, it reached an all-time high of $262 before settling around $255, bringing its market capitalization to $121 billion.
Analysts predict that SOL’s price could rise further, potentially reaching $400 and surpassing its previous peak.
#Altcoins #SOL $400 is next! #Solana is breaking out from the Cup & Handle pattern on the monthly timeframe.
Once it clears its previous ATH, it could soar straight to $400! pic.twitter.com/CILozp95uN
— Titan of Crypto (@Washigorira) November 17, 2024
With Solana gaining momentum in token creation, trading activity, and investor interest, SOL’s steady ascent may continue to strengthen its standing in the cryptocurrency market.
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