Solana’s native token has experienced a significant surge in the past 24 hours, surpassing the $200 mark despite broader market consolidation. SOL has surged by 10.33% in the last day, currently trading at $204.16 according to CoinMarketCap.
In addition, SOL boasts a market capitalization exceeding $90 billion, making it the 4th largest cryptocurrency in the market. On March 17, 2024, Solana crossed the $200 milestone for the first time since December 2021.
What’s Driving the Surge?
Over the weekend, Solana’s network activity has outpaced Ethereum (ETH) due to the popularity of SOL-based meme coins. According to DefiLlama, Solana’s total trading volume reached $3.52 billion, surpassing Ethereum’s daily volume by over $1.1 billion on March 16.
On Sunday, the Solana-based BOOK OF MEME (BOME) token surged by 322% in the last 24 hours, surpassing the $1 billion market cap with an impressive trading volume of $4.73 billion within a single day.
Another contributing factor to the surge is Solana’s decentralized finance (DeFi) total value locked (TVL), which has increased by over 80% in the past month, reaching its highest level in the past two years according to DefiLlama.
Solana’s Popularity in Google Trends Hits 100
The search popularity of the keyword ‘Solana’ has reached 100 on Google Trends, marking the highest level in the past five years.
“In December 2023, search interest for Solana surpassed that of Ethereum, indicating a clear shift in investor interest towards SOL,” stated blockchain online sleuth WuBlockchain.
As the trend continues, Lookonchain reported that large investors are taking advantage of profits by selling their SOL holdings.
