AI Memecoins Captivate Crypto Community as Solana (SOL) Outperforms Bitcoin (BTC) and Ethereum (ETH)-web3.0-php.cn

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AI Memecoins Captivate Crypto Community as Solana (SOL) Outperforms Bitcoin (BTC) and Ethereum (ETH)

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Oct 25, 2024 am 06:50 AM

solana AI memecoin frenzy

AI memecoins have captivated the crypto community since Goatseus Maximus, a new memecoin, sparked conversation about the intersection of the two technologies.

AI Memecoins Captivate Crypto Community as Solana (SOL) Outperforms Bitcoin (BTC) and Ethereum (ETH)

Solana’s gains have outpaced those of the largest cryptocurrencies this week as the broader crypto market continues to consolidate following early October lows.

Solana is up 19% over the last seven days, outperforming Bitcoin, Ethereum, XRP and others included in the CoinDesk 20 Index. In contrast, Bitcoin is up 0.8%, and Ethereum and XRP are down 3%.

Solana’s gains come as AI memecoins have captivated the crypto community. Goatseus Maximus, a new memecoin, has sparked conversation about the intersection of the two technologies.

The frenzy has sent daily active users on the Solana blockchain to a record high of almost 9 million and caused transaction fees on Wednesday to reach a high of $4.5 million, according to DeFiLlama data.

Goatseus Maximus, or GOAT, was created on October 10 by an anonymous developer known as Pump.fun. It gained massive attention when Marc Andreessen-backed AI bot Truth Terminal endorsed it on X.

The token, founded on the AI bot’s fixation with goat memes, has reached a market cap of $722 million since its creation two weeks ago and triggered a flurry of new AI-created memecoins.

The sector has reached a market cap of over $2 billion, up 24% in the last day, according to CoinGecko. Other Solana-based memecoins are also up in the frenzy, with “Popcat” and “cat in a dogs world” both up over 20% this week.

Another factor in Solana’s recent run may be the ongoing rapid expansion of decentralized finance (DeFi). Solana is up more than 450% this year.

Since January, the total value locked on Solana—the U.S. dollar value of digital assets staked on a blockchain through DeFi—has almost quadrupled to $6.9 billion.

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