On March 14, a new meme project was born, namely Book Of Meme (BOME). Created by Darkfarm, BOME is the native token used in BOOK OF MEME. In those days, almost everyone was talking about BOME. The price of BOME increased ten thousandfold in three days, and on the third day of publication, BOME was listed as the largest in the world. With the current upward trend of the crypto market, the performance of Solana memecoin is very impressive.
1. SOL soars and its market value exceeds BNB
This past week has been impressive. Solana, which ranks fourth in the crypto market, has launched an attack on third place.
On March 18, Solana once surpassed BNB and jumped to third place in total market cap . The price reached $208, which is far from the previous round. There is only a 20% difference between the bull market's historical highs !
After SOL reached $120 in November 2023, it rose another 70%. This is especially difficult for cryptocurrencies with market capitalizations of tens of billions of dollars. Let's see what happens to Solana.
Solana Transaction Data
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Price : The price of soles in January 2023 was around US$10, and a year later reached a maximum of US$208 in March 2024, an increase of 2000%.
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TVL (USD): In January 2023, the TVL of the entire Solana chain was only 210.35m, while in March 2024 it reached a maximum of 4.33 billion, with a maximum increase of 2061%, almost the same as the increase in the price of SOL.
Technology is the underlying logic of the narrative
Under the leadership of the Foundation, Solana has made repeated advances in technology, laying a good foundation for the solana ecological boom. Some updates released:
- Launched a new feature for NFT storage, “State Compression”, which can reduce the cost of minting NFTs on Solana by 2400-24000 times. The cost of minting 1 million NFTs will be reduced from US$250,000 to US$110.
- Released the GameShift API, which aims to better empower developers to develop Web3 games on Solana and simplify their development pain
- Solana-based EVM compatibility solution Neon officially launched on mainnet, and later Solana launched a Solidity -enabled smart contract compiler , aiming to further open connections with the EVM ecosystem.
- Shopify and Visa have announced integrations with Solana, expanding Solana's payments services footprint in the Web2 world .
Additionally, Solana has co-hosted and sponsored many hackathon events such as OPOS, Hyperdrive, Hacker Houses, and PlayGG with other eco partners, and provided millions of dollars in seed funding to many leading teams.
Competition On Public Chains, Solana Meets Market Expectations Against Ethereum
In the crypto market recovery since October last year, Ethereum performed much worse than Solana.
Regardless of the price increase or popularity of the project, Ethereum is far behind Solana. Due to the large amount of interest, Ethereum takes every step with caution, and the core technical indicator of the public chain, TPS, has not improved much in several years.
Solana, on the other hand, is known for its high TPS, smooth on-chain interactive experience, and can fully address large-scale Dapp scenarios. The Solana ecosystem is still in its early development stages and is not as competitive as Ethereum. Each track has one or more mature opponents, which also makes many teams yearn for and try it.
It's not just retail investors who are optimistic about Solana, many institutions are also investing in Solana. For example, Pantera Capital intends to buy Solana FTX at a discounted price of US$250 million and follows a 4-year unlock period.
Trending Meme Coin Solana
Entering March, Solana has launched a new wave of meme tokens. Countless meme tokens are issued on the Solana network every day to tell their stories.
Let's break down the famous Meme token on Solana.
1. BONK
Like PEPE and DOGE, BONK is a meme coin inspired by internet memes, jokes and sarcasm. Mem ecoin is not designed for any specific purpose; rather it is designed as a way to express humor, creativity and social commentary through crypto assets.
BONK is built on Solana and was given as a free airdrop token to users who purchased Solana's first generation phones. BONK prices skyrocketed due to the crazy chase. There are even cases of users who bought Solana's first generation cellphone offline just to get the BONK airdrop. , the value of a one-time BONK airdrop exceeds the price of a Solana phone.
Click to find out price developments and a guide on how to buy BONK meme coin.
2. WIF
Launched in December 2023, Dogwifhat (WIF) is a memecoin with an image of a Solana developer's dog wearing a knitted hat. Since its launch, WIF has increased more than 50,000%, attracting the attention of industry celebrities such as Arthur Hayes.
Click to find out price developments and a guide on how to buy Dogwifhat (WIF) meme coin.
BOME
Permanent storage photo album artist Pepe Meme Darkfarm MEME BOOK for Memes. BOME is the native token used in BOOK OF MEME. The price of BOME increased 10,000 times in 3 days and was listed on Binance Exchange on the third day of its publication.
Click to find out price developments and a guide on how to buy BOME meme coin.
What are the Potential Coins in the Solana Ecosystem?
With Solana's outstanding technical performance and strong support from the Solana Foundation, many potential Dapps have emerged on Solana, including:
1. Jupiter(JUP)
Jupiter is a unified services platform for DeFi on Solana, and Jupiter is Solana's primary DEX aggregator. It acts as a pseudo frontend for Solana DeFi and accounts for more than 75% of trading volume. Jupiter is a giant that offers five products: exchanges, perpetual contracts, fixed investments, bridges, and limit orders.
Click to find out price developments and a guide on how to buy meme coin Jupiter (JUP).
2. Pyth Network (PYTH)
Pyth is an oracle network designed to provide accurate prices for cryptocurrencies, stocks, forex pairs, ETFs, and commodities. It offers three core products:
- Price Feed, real-time smart contract updates
- Benchmarks, historical market data
- Pyth Entropy, a secure random number generator
Click to find out price developments and a guide on how to buy PYTH meme coin.
Raydium (RAY)
Raydium is an automated market maker (AMM) built on the Solana blockchain that leverages a central limit order book to enable lightning-fast trading, new capabilities for sharing liquidity and earning revenue.
As a veteran DEX on Solana, Raydium has the following advantages:
- Faster and Cheaper: Raydium leverages the high efficiency of the Solana blockchain to enable transactions several times faster than Ethereum, while gas fees are only a fraction of the cost.
- Central order book that provides liquidity to the entire ecosystem: Raydium provides on-chain liquidity to the central limit order book, meaning Raydium allows access to third-party order flow and liquidity in the order book.
- Trading Page: For traders who want to be able to view TradingView charts, place limit orders and have more control over their trades.
Click to find out price developments and a guide on how to buy Raydium (RAY) meme coin.
Jito(JTO)
Jito is a liquidity staking protocol launched by Jito Lab. Unlike other existing liquidity staking protocols, Jito provides additional MEV rewards to pledgers on top of staking income.
In addition to the liquidity staking path, Jito Lab, which also focuses on the MEV path, was Solana's first development team to launch the Jito-Solana third-party verification client. Through the Jito-Solana architecture, they will be able to effectively earn MEV revenue on the Solana network and reduce tx invalid Dust attacks reducing the possibility of the entire public Solana chain going down.
Click to find out price developments and a guide on how to buy Jito (JTO) meme coin.
Kamino (no tokens issued yet)
Kamino is an automated liquidity solution on Solana, based on the Centralized Liquidity Market Maker (CLMM) mechanism.
Liquidity providers (LPs) looking to improve capital efficiency can leverage Kamino's library of automated market makers to increase expected returns on fees and profits.
Magic Eden (no tokens issued yet)
Magic Eden is a famous NFT trading platform whose full name is Magic Eden Marketplace. The platform focuses on trading non-fungible tokens (NFTs), providing a safe and reliable trading environment for collectors, artists and game developers.
At Magic Eden, users can easily buy, sell and trade NFTs, which can be digital works of art, game characters, virtual lands, etc.
Solana Ecosystem Market Outlook
Solana's incredible performance in this round of the market surprised everyone. In the first wave at the end of last year and the second wave at the beginning of this year, SOL maintained strong momentum, and the ecological token Solana also grew rapidly.
This also sparked the recent round of the meme market. Compared to VC gathering on Ethereum, funds and retail investors seem to prefer emotional narratives like Meme. In light of Solana's rapid growth, the community once again shouted the familiar phrase “replace Ethereum”. In the past, there were many public chains known as “Ethereum killers.”
However, after all these years, Ethereum is still standing there like a giant. Let's wait and see if Solana can succeed this time.
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Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime
Also read:
Memecoin, what is it and what are some examples?
What is SOLAMA? Meme Coin A Play on Solana
The Solana Meme Coin Phenomenon: Myro and Dogwifhat in the Spotlight
List of the Best Solana Meme Coins 2024, Check Here!
6 Hottest Meme Coins That Have the Potential to Soar 300x in 2024!
DISCLAIMER: This article is informational in nature and does not constitute advice, recommendation, offer or solicitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly over time. Bittime is not responsible for changes in exchange rates or crypto asset prices.
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