SOL Crosses $200 as Meme Coin Frenzy Bumps Demand for Solana Network
Solana's SOL cryptocurrency crossed $200 for the first time since November 2021 due to increasing network activity driven by the meme coin frenzy. Although SOL is still 22% away from its all-time high of $260, it has surpassed its record market capitalization of $75 billion. Various metrics, including network volumes, active wallets, total value locked, fees, and SOL's market capitalization, reached new highs over the weekend due to a surge in pre-sale activity. The network collected $3.2 million in fees in a 24-hour period, surpassing the 2021 record of $300,000, and on-chain volumes exceeded $3 billion. Despite these achievements, net inflows to the Solana blockchain have been negative over the past week, indicating a lack of new money entering the ecosystem. The increased Solana network activity is likely driven by retail traders pursuing new meme coins and pre-sales. As of the Asian morning hours, SOL was trading at $202, up 10% since Sunday.
