Is This Crypto Bull Run Going to Be a Solana Season?

Solana is a popular coin in the crypto market with a diverse ecosystem.

Solana season may have started with the coin’s 9.30% week-over-week performance.

Solana performed the best against other Layer 1 coins over the past 7 days, according to Dune’s data for July 27. Among other L1 coins, XRP (XRP) ranks second with an increase of 4.74%, while Avalanche (AVAX) ranks third with a performance of 4.50% for the week.

In this piece, we will explore why Solana season may be upon us.

Solana Leads Other L1 Coins

Solana is a well-known coin in the crypto market that boasts a diverse ecosystem.

For instance, Solana is making strides in liquid staking. While the project is still far from dethroning a giant like Lido, Jito ranks fourth among other liquid staking protocols by Total Value Locked (TVL) with $2.226 billion, according to Jito’s site.

Crucially, Jito’s TVL is up 31.60% in 30 days, whereas Lido’s is down 2.55%.

We also covered the new liquid staking protocol Sanctum on Solana. One of its advantages is that it features a pool that supports a large number of liquid staking tokens (LSTs).

Solana Is a Top Player in DeFi

The Solana blockchain is also a major player in decentralized finance (DeFi). According to DeFiLlama, Solana ranks third in Total Value Locked with $5.539 billion.

Traditionally, Ethereum leads this ranking, with a TVL of $59.126 billion.

Solana also leads among decentralized exchanges (DEX). According to Coin98 Analytics, Solana ranked first in DEX transactions over the past 30 days with 510 million.

For comparison, Base, which is second in this ranking, processed 38 million transactions in a month. Ethereum is in sixth place with 9.4 million transactions.

Solana Meme Coins

High transactions in DEX indicate that the blockchain, and probably the Solana token, is used frequently for transactions in DeFi.

For example, such growth in transactions could be triggered by the popularity of Web3 games or collections of non-fungible tokens (NFTs) on the blockchain.

In Solana’s case, such growth could be driven by the popularity of meme coins on its blockchain. One such popular coin could be Popcat, also known as the cat meme coin.

Interestingly, according to CoinGecko, MUMU THE BULL (MUMU) has become one of the growth leaders among Solana meme coins. Notably, MUMU has grown by 434.9% in 30 days.

Meme coins could be a trigger for Solana season.

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