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Highlights
- The Solana Network fees surge is largely due to the growing popularity of AI meme coins.
- Solana’s price momentum has outperformed top cryptocurrencies like Bitcoin and Ethereum, with SOL gaining 18% in the past month.
- The SOL derivatives data also points that the rally will continue further to its all-time high levels.
Ethereum Layer-1 competitor Solana (SOL) is making waves with a rapid surge of daily revenue on the platform. As a result, the SOL price has shot up 5.62% as of press time moving all the way to $174 and a market cap of $82 billion. Furthermore, the SOL blockchain is also emerging as the preferred destination for the launch of AI meme coins.
Solana Topples Ethereum in Daily Fees
As per the latest data from IntoTheBlock, the daily fees on the Solana network have crossed $4.1 million while surpassing the Ethereum daily fees as of now.
The major reason behind this massive surge in network fees has been the frenzy surrounding AI meme coins on the Solana blockchain. One of the biggest contributors currently is the Goatseus Maximus (GOAT) token which has surged over 40% hitting its all-time high levels of $0.7009 and its market cap surging past $700 million.
The GOAT meme coin has achieved this massive milestone within just two weeks of launch after being promoted by the AI bot ‘Truth Terminals’. An anonymous developer created the GOAT token on October 10 on the Pump.Fun platform. In a report on Wednesday, DeFi analyst at K33 Research, David Zimmerman wrote:
“A whole narrative was born from the intersection of AI, memecoins, and crypto. AI memecoins have gained massive attention over the last two weeks, with many tokens reaching over $100 million market cap.”
SOL Price Rally to All-Time High
The Solana price has caught good momentum recently outperforming some of the top cryptocurrencies like BTC, ETH, and others. On the monthly chart, the SOL price has gained a staggering 18% with bulls eyeing a further push to its all-time high levels. Some market analysts believe that the SOL price could be on a path to a parabolic rally to $2,000.
$SOL – I don't know where you draw the trend lines but overly it looks bullish. If you can ignore some candles it definitely has a breakout structure. OBV still lagging a bit. pic.twitter.com/E32xoNiIS7
— IncomeSharks (@IncomeSharks) October 23, 2024
As per the Coinglass data, the open interest in Solana has shot by 13.7% moving past $3.4 billion. Also, the derivatives trading volume is up by 25% in the last 24 hours to $9.54 billion.
Open interest refers to the unsettled futures bet for the digital asset. It helps to gauge whether new money is entering into the market. Thus, with on-chain metrics showing positive developments, the SOL price rally can continue further ahead.
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