Solana, the popular blockchain platform, is showing signs of life after a summer slump. While it’s not exactly booming, things are looking up.
Meme Coins Are Back in Action
One reason for the optimism is the resurgence of meme coins on Solana. Pump.fun, a platform where people can launch new meme coins, has seen a huge increase in activity. In the last 24 hours alone, over 11,800 meme coins were created!
While that sounds like a lot, only a tiny fraction of these new coins actually made it to a major exchange like Raydium. You need a market cap of at least $69,000 to get listed, and most of these new coins don’t make the cut.
Despite this, over 2 million meme coins have been launched on Pump.fun, which means that over half of all tokens on Solana are now meme coins!
The Potential Impact on Solana
These meme coins are generating a lot of buzz and trading volume. The total market cap of all Pump.fun meme coins is over $1 billion, and they’ve traded over $307 million in the last 24 hours.
This could be good news for Solana. The last time Solana prices surged above $200, it was fueled by the popularity of meme coins like BONK and WIF. If this new wave of meme coins catches on, it could boost Solana’s price again.
A Note of Caution
There’s a bit of a warning sign, though. The Pump.fun address has been selling off some of its SOL holdings. It’s unclear if they’ll continue to do this, but it’s something to keep in mind.
Overall, it’s an exciting time for Solana and its meme coin ecosystem. Whether this new wave of meme coins will be a long-term trend remains to be seen, but it’s definitely worth watching.
