Solana (SOL) Memecoins Post Strong Gains, Driving Up the Ecosystem's Market Cap

Solana-based memecoins have gained attention this past week, with several assets posting significant increases. By the end of the week, Solana's market capitalization saw a modest rise, and SOL also wrapped up the week on a positive note.

Solana-based memecoins, known for their whimsical names and dog-themed branding, experienced a surge in value last week. These assets, which largely missed out on the crypto bull market of 2021, have now become a major force within the Solana ecosystem.

According to data from CoinGecko, the total market capitalization of Solana memecoins now stands at $8.6 billion, highlighting the substantial presence of these assets within the Solana network.

As a testament to their strong performance, key assets in this category ended the week in positive territory, collectively driving up the overall market cap.

Dogwifhat (WIF) led the pack with a 33% gain over the last seven days, closing the week at about $2.28. It boasts the largest market capitalization among Solana memecoins, valued at over $2.2 billion.

Next in line is Bonk (BONK), the second-largest memecoin by market cap, valued at over $1.6 billion. Throughout the week, BONK's price surged by more than 30%, currently trading at $0.000023.

The biggest gainer of the week was Moo Deng, which experienced a skyrocketing 400% in just seven days. As of this writing, Moo Deng is trading at $0.24 with a market capitalization exceeding $241 million.

Solana network volume sees slight uptick

Despite the surging prices of Solana's memecoins, the overall network volume didn't witness a drastic spike. However, a slight increase was observed, as noted by data from DefiLlama.

Throughout the week, daily trading volume remained either above $1 billion or close to it, showing an improvement from previous levels.

Moreover, Solana's Total Value Locked (TVL) experienced a small rise, moving from $5 billion to over $5.4 billion in the past week.

SOL posts 7% gain, technicals hint at further upside

Solana (SOL) itself posted a 7% gain over the last seven days, making it the third-highest gainer among major cryptocurrencies, according to CoinMarketCap.

Currently, Solana is trading at $155.38, down slightly by 0.89%. The technical indicators show short-term bullish momentum, with the price holding above key moving averages.

The 50-day moving average is at $141.74, and the 200-day moving average sits at $154.66, signaling potential for continued upward momentum. However, a sustained breakout will require stronger trading volume to maintain this positive trend.

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