Solana GROUND
+5.64%
is searched more than ever around the world, according to Google data.
Google Trends’ weekly follow-up of a keyword’s popularity showed that global interest in Solana this week reached a popularity peak of 100 over a five-year period, surpassing the previous peak in the last week of December 2023.
The growing interest in layer 1 blockchain network is also reflected in its on-chain metrics.
Last Friday, on-chain volumes on the Solana network reached a new absolute record of more than 3.79 billion dollars. Its volume over the past 24 hours stood at around $3 billion as of Monday afternoon in Asia, according to ChallengeLlama. The number of new addresses on Solana continues to renew historic records, with nearly 870,000 new addresses created on the network on Saturday, according to The Block. data watch.
The amount of daily transaction fees increased significantly, from around $500,000 in January to $3.83 million on Saturday. Block data watch.
Meanwhile, Solana price rose 11.38% to $204.08 as of 1:00 p.m. Hong Kong time, according to The Block prices page. Solana is now the fourth largest cryptocurrency in the world by market capitalization, surpassing that of BNB this weekend.
Mania based on Memecoin
Much of Solana’s spike in popularity is attributed to the hype surrounding Solana-based memecoins. “Memecoins like Bonk and dogwifhat ( Wireless
+20.74%
) as well as politically inspired tokens, have been gaining traction, driving interest and activity on the Solana blockchain,” Rachael Lucas, head of marketing and communications at BTC Markets, told The Block on Friday.
Lucas pointed to Dogwifhat holders’ successful $700,000 campaign to advertise the memecoin logo on the Las Vegas Sphere, which sent the token’s value soaring above $3, as the culmination of the memecoin swirl based on Solana.
“The success of the campaign has sparked a debate within the crypto industry about the market overheating,” Lucas added. Amid speculation of a bubble in the current crypto bull cycle, Bitcoin price retraced its record gains over the weekend, falling back to the $65,000 level on Sunday. It was trading at around $68,000 as of 1 p.m. Monday in Asia.
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