Solana Nears $100 as Meme Coin Frenzy Continues

UNSTOPPABLE Solana Nears $100 as Meme Coin Frenzy Continues to Fuel RallyThe value locked in Solana requests grew in tandem, rising to $1.3 billion in tokens from the $400 million mark in November to reach levels previously seen in July 2022.Solana's SOL approached $100 early on Friday, as hype over fast blockchain transactions, cheap fees and the lottery of meme coin issuances extended into its third week.Metrics show that Solana has been arguably the biggest draw among on-chain traders, with trading volumes and network fees exceeding those of Ethereum - which is typically the highest - over a period of seven consecutive days.These factors have apparently helped extend SOL's year-to-date gains to more than 830%, with most of the growth coming just in the last two months. Buying pressure has continued even amid significant selling pressure from the bankrupt estate of crypto exchange FTX, which held billions of dollars in SOL.Dog-themed Bonk (BONK) apparently reignited attention with a jump of more than 1,000% in late November. That inspired a surge in meme coins, such as dogwifhat (WIF), which produced some early retail buyers with gains of over 10,000% in a short period.WIF added another 35% to market capitalization in the last 24 hours alone, showing no signs of stopping amid significant hype in cryptocurrency circles on X.The data shows that thousands of meme coins have since been issued by opportunistic developers. Most of them rise from a very low market cap to a few million.

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