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The Solana network has become this year’s standout in the blockchain world, CoinGecko Research reveals. Capturing 49.3% of global crypto investor interest, Solana’s popularity skyrockets, mainly driven by its price rally and the success of ecosystem projects like Pyth and memecoins such as dogwifhat. On Monday alone, the Solana blockchain saw transactions worth $11 billion, largely fueled by a variety of smaller tokens, especially memecoins.
Decentralized exchanges (DEXs) on Solana, including Jupiter and Raydium, have been bustling with activity, taking market share from Ethereum’s Uniswap. Notably, memecoins like Bonk and Slerf have been at the center of this surge, with Slerf’s market cap hitting over $500 million in just hours. This frenzy is supported by automated market makers such as Raydium and Jupiter, making it easy to create new liquidity pools. As a result, Solana’s onchain volumes and network fees have reached new peaks, with transaction fees hitting $5.08 million on Monday, marking a record for the network.
