Solana (SOL), a Layer 1 competitor to Ethereum, is making waves with its rapid surge in daily revenue on the platform. As a result, the SOL price has increased by 5.62% to $174 and market cap of $82 billion at the time of writing. Additionally, the SOL blockchain has also emerged as a preferred destination for the launch of AI meme coins.
Solana beats Ethereum with daily fees
According to the latest data from IntoTheBlock, the Solana network's daily fees are over $4.1 million, which is currently higher than Ethereum's daily fees.
The main reason behind this significant increase in network fees is the frenzy surrounding the AI meme coin on the Solana blockchain. Currently, one of the biggest contributors is the Goatseus Maximus (GOAT) token, which has soared more than 40% to an all-time high of $0.7009, sending its market cap soaring past $700 million.
GOAT Meme Coin achieved this major milestone within just two weeks of its launch after being propelled by the AI bot “Truth Terminals”. An anonymous developer created the GOAT token on the Pump.Fun platform on October 10th. David Zimmerman, DeFi analyst at K33 Research, wrote in a report on Wednesday:
“A whole story has emerged from the intersection of AI, meme coins, and cryptocurrencies. AI meme coins have gained a lot of attention in the past two weeks, with many tokens reaching market caps of over $100 million.”
SOL price rises to record high
Solana price has recently gained good momentum, outperforming some top cryptocurrencies such as BTC, ETH, etc. On the monthly chart, SOL price is up an astounding 18%, and bulls are eyeing a further rally to all-time highs. Some market analysts believe that the SOL price could rise parabolically to $2,000.
$SOL – I don’t know where you are drawing the trend line, but it looks too bullish. If you can ignore some candlesticks, it definitely has a breakout structure. OBV is still a little behind. pic.twitter.com/E32xoNiIS7
— IncomeSharks (@IncomeSharks) October 23, 2024
Solana’s open interest surged 13.7% to over $3.4 billion, according to Coinglass data. Derivative trading volume also increased by 25% in the past 24 hours to $9.54 billion.
Open interest refers to outstanding futures bets on digital assets. It helps determine whether new funds are flowing into the market. Therefore, the rise in SOL price is likely to continue as on-chain indicators show positive developments.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a deep understanding of financial markets. His interest in economics and finance led him to focus on the emerging blockchain technology and cryptocurrency market. He is passionate about continuous learning and stays motivated by sharing the knowledge he gains. In his free time, Bhushan enjoys reading thriller fiction novels and sometimes hones his cooking skills.
Disclaimer: The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
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