Solana Tops $110 as Meme Coin Mania Rises on the Blockchain

TL;DR

• Solana has had an excellent month so far, adding nearly 100% to its value this December.

• The surge in SOL’s price comes thanks to the rising meme coin mania on the Solana blockchain.

SOL Now Trades Above $110

SOL, the native coin of the Solana ecosystem, continues to be one of the best performers in the market. The coin has surged by more than 59% over the last seven days to outperform the other major cryptocurrencies in the top 50. Only NEAR and Optimism (OP) outperformed Solana over the last seven days.

Its rally also saw it add 92% to its value since the start of December. At press time, the price of SOL stands at $113, down by 2% in the last 24 hours. 

SOL’s price action can be attributed to rising trading activities on the Solana blockchain. Data obtained from DeFiLlama indicated that Solana-based decentralized exchanges are nearing Uniswap's multibillion-dollar trading volumes for the first time.

Some of the most traded assets on the Solana blockchain are dog-themed meme coins, with speculators pushing network activities to new all-time highs. Furthermore, airdrops are also attracting more traders to test out Solana-based lenders, bridges and other infrastructure.

The broader cryptocurrency market has slightly retraced over the weekend, with BTC down by 1% in the last 24 hours. At press time, the price of Bitcoin stands at $43,185. The total cryptocurrency market cap has also dropped to $1.66 trillion, down by 1.2% so far today.