- Memecoin trading volume exceeded $1.6 billion at the time of writing.
- SOL’s trend remains bullish.
Solana-based memecoins have gained attention over the past week, with several assets seeing significant gains. By the end of the week, Solana’s market capitalization had risen modestly, and SOL also ended the week on a positive note.
Solana memecoins are posting strong gains
According to Coin geckothe market cap of Solana memecoins currently stands at $8.6 billion, highlighting the significant value of these assets within the Solana ecosystem.
The major assets in this category ended the week on a positive note, increasing overall market capitalization.
Dogwifhat (WIF) led the charge this past week with a 33% gain and is now trading around $2.28. It has the largest market capitalization among the Solana memecoins, with over $2.2 billion.
Closely behind is Bonk (BONK), the second largest memecoin by market capitalization, with a value of over $1.6 billion. BONK’s price rose more than 30% and is currently trading at $0.000023.
Moo Deng was the biggest gainer of the week, rising more than 400% in just seven days. At the time of writing, Moo Deng is trading at $0.24 with a market cap of over $241 million.
Solana volume shows a slight increase
Although Solana’s memecoins saw a price increase, the overall network volume did not see the same drastic spike. However, a slight increase was observed, data from DefiLlama.
Compared to the previous week, daily trading volume remained above or close to $1 billion, marking an improvement from previous levels.
Source: DefiLlma
Additionally, Solana’s Total Value Locked (TVL) saw a small increase, from $5 billion to over $5.4 billion in the past week.
SOL shows steady growth
Solana itself rose 7% over the past seven days, making it the third-highest gainer among major cryptocurrencies, according to CoinMarketCap. Currently, Solana is trading at $155.38, down slightly by 0.89%.
The technical indicators show short-term bullish momentum, with price remaining above the major moving averages.
Source: TradingView
Read Solana (SOL) price forecast 2024-25
The 50-day moving average is at $141.74, and the 200-day moving average is at $154.66, indicating potential for continued upside momentum. However, a sustained breakout will require higher trading volume to maintain this positive trend.