SOL Crosses $200; Meme Coin Frenzy Boosts Solana Network Demand
Solana’s SOL has surpassed $200 for the first time since November 2021, marking a significant increase in network activity.
The network is now 22% away from its lifetime peak of $260 but has already crossed its record market capitalization of $75 billion.
The surge in pre-sale activity led to the network amassing $3.2 million in fees over a 24-hour period, beating a $300,000 record from 2021.
Onchain volumes climbed over $3 billion, flipping a November 2022 record of $300 million. However, net inflows to the Solana blockchain have been negative over the past week, suggesting no significant new money has entered the ecosystem.
Solana network activity is likely driven by retail traders who chased newer meme coins and presales.
(With inputs from Shikha Singh)
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