Memecoins on the Solana network have seen a significant surge, rising over 30% in the past 24 hours. This uptick comes as Solana’s native token, SOL, rebounds sharply from earlier losses, leading gains across the crypto market.
In a remarkable recovery, memecoins on the Solana blockchain, such as popcat (POPCAT) and dogwifhat (WIF), have surged as much as 25% before slightly retreating. Smaller tokens like MUMU and catdog (CATDOG) have risen by 30%, according to recent data.
This strong performance contrasts with major memecoins on other blockchains, such as dogecoin (DOGE) and pepe (PEPE), which have experienced declines of up to 5%.
Solana’s overall network activity has more than doubled, with trading volumes surging to over $3.3 billion from Monday’s $1.5 billion. Fees generated on the Solana network have also increased significantly, reaching $750,000 per day. Notably, the Pump platform, popular for issuing new memecoins, saw its fees rise to $535,000 in the past 24 hours from under $300,000 on Monday, signaling heightened risk-on activity among traders.
The surge in memecoins and network activity comes as SOL itself has experienced a substantial rebound. The token rose 7.5% on Wednesday, trading above $150. SOL had dropped from $145 to as low as $112 on Monday amid a broader market downturn but has since outperformed many major tokens.
Optimism surrounding Solana is partly fueled by anticipation of a potential SOL exchange-traded fund (ETF). This could mark the third spot token offered to professional U.S. investors, following bitcoin (BTC) and ether (ETH). Lucy Hu, a senior analyst at Metalpha, noted that “the possibility of an SOL ETF shows promising signs for SOL’s mainstream adoption.” Hu added, “The quick rebound of SOL indicates renewed confidence in the broader crypto space as the market stabilizes.”
In early July, the CBOE submitted filings with the Securities and Exchange Commission (SEC) to list potential spot Solana ETFs from VanEck and 21Shares, following initial filings in late June. The expected approval of these ETFs could further bolster investor confidence and support for Solana and its ecosystem.
