In a significant development, memecoins launched on the Solana network are closing in on a $16 billion market value. According to CoinGecko, the Solana memecoin market surged 20% in the past 24 hours to hit a market cap of $15.7 billion.
Top Gainers
ACT was the top gainer, with a 1,800% surge on the day. Earlier today, CoinTab reported that a trader made over $3 million in unrealized profit within an hour by closely monitoring Binance’s listing of the meme coin.
Other top gainers include PNUT and GOAT, which experienced a 365% and 7% surge on the day. PNUT is also set to be listed on Binance.
In terms of market value, WIF remains the largest memecoin on Solana, with a market cap of $3 billion. Bonk, POPCAT, and MEW have a market cap of $1.7 billion, $1.6 billion, and $979 million, respectively.
The latest development highlights the remarkable growth of meme-based tokens on Solana, which has become a popular choice among investors due to its speed and affordability. Last week, CoinTab reported that memecoins launched on Solana launchpad Pump.fun hit a market cap of $3 billion.
Market Upsurge
Meanwhile, the development coincides with a notable surge in the broader crypto market, of which Solana’s SOL is a beneficiary. According to CoinGecko, SOL surged 5% in the past 24 hours to exchange hands at $215. It has risen by more than 30% since last month.
Recently, the token flipped Binance Coin (BNB) to become the fourth-largest cryptocurrency by market cap. At the time of writing, SOL still occupies the fourth spot with a market cap of $101.5 billion, compared to BNB’s $89.8 billion value.
Bitcoin, the largest cryptocurrency by market capitalization, also hit an all-time high (ATH) of $82,379, taking its market cap to $1.6 trillion. Ether, the second-largest cryptocurrency, is hovering around $3,150.
The global cryptocurrency market cap is closing in on $3 trillion.
Cynthia Ezirim | November 13, 2024
Jonathan Agozie | November 13, 2024
