In a recent report by cryptocurrency analysis platform CoinGecko Research, the Solana network was declared the most popular blockchain ecosystem of the year.
Layer 1 blockchain Solana currently accounts for a staggering 49.3% of global crypto investor interest specific to crypto networks.
The dominant share of the Solana ecosystem has been fueled by SOL's continued rise towards 2021 highs. This was further supported by the strong performance of key ecosystem project tokens such as Pyth and native memecoins such as dogwifhat, according to the report.
The Solana blockchain saw nearly $11 billion in transactions in just 24 hours on Monday, according to Coinbase's market update on Thursday. This increase was supported by a number of smaller tokens, especially memecoins.
Zeta Markets Founder Tristan Frizza said there has been a significant increase in on-chain memecoin speculation. Coins like Slerf reached incredible market caps of over $500 million in just a few hours. “This craze was mainly fueled by automated market makers like Raydium, Orca, and Jupiter, allowing token creators to quickly create new liquidity pools and trade these tokens,” Frizza said.
*This is not investment advice.