Solana's Surge: Meme Coins and TVL Drive Network's Resurgence

The resurgence of Solana is driven by a surge in meme coins and TVL. The network's activity has reached a two-year high, fueled by the popularity of meme coins and a rise in Total Value Locked. This surge in demand for Solana-based assets is evident in the increased number of active addresses and the soaring TVL, indicating the network's growing utility and driving its recent surge.

Is Solana's Surge Fueled by Meme Coins and Rising TVL?

The Solana blockchain has witnessed a remarkable surge in activity, reaching its highest point in two years. This surge has been driven by a combination of factors, including the popularity of meme coins and a significant increase in the Total Value Locked (TVL) on the network.

Meme Coins Spark SOL Activity

The recent frenzy surrounding meme coins tied to Solana's ecosystem has ignited a spike in network activity. The number of new and active addresses on the SOL chain has surged, while the TVL has reached its highest level in two years. This suggests that the demand for meme coins and Solana-based assets is contributing to the blockchain's growing utility.

Solana Value Moved On Chain Reaches New Heights

The SOL value moved on-chain, an indicator of the blockchain's demand and utility, has crossed $8.09 trillion on March 22. This represents a near two-year peak and underscores the increased usage of the Solana network by market participants.

New and Active Addresses Surge

The rise in address activity reflects the growing popularity of Solana. The number of new and active addresses on the network peaked at 1.25 million and 1.59 million, respectively, on March 22. This surge can be attributed to the increased demand for meme coins and other Solana-based assets.

TVL Surges to New Highs

The Solana blockchain's TVL has climbed to $4.414 billion, its highest level since April 2022. This growth indicates that users are increasingly locking their assets on the Solana network, which is a sign of confidence in the platform's long-term potential.

Meme Coins Drive Solana's Popularity

The popularity of meme coins and politically-themed tokens has likely contributed to Solana's emergence as a favorite among users frustrated by high transaction costs on Ethereum. The ongoing cycle has seen a spike in demand for Solana, as evidenced by the on-chain metrics and the TVL of the network's ecosystem.

SOL Price Rebounds

Meanwhile, SOL's market capitalization has surpassed $87 billion, reaching an all-time high on March 19. At the time of writing, Solana's price has risen by 4% on the day, partially recovering from its weekly losses.

Conclusion

Solana's recent surge in activity has been driven by a confluence of factors, including the popularity of meme coins, increased address activity, and a significant rise in TVL. These developments underscore the growing utility and demand for the Solana blockchain, positioning it as a potential contender in the rapidly evolving cryptocurrency landscape.