- Solana is at its highest point in years, but still has a way to go before it eclipses its 2021 all-time high of over USD $250.
- The coin is being pushed higher by the successful launch of several Solana-based memecoins.
- In particular, new meme project Book of Meme has raced upward 1,700% since it was released just a few days ago.
- Similarly, Dogwifhat has seen gains of 600% in the past month alone.
There’s one project that’s benefitting the most from the current memecoin explosion – Solana.
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Many of the biggest memecoins are built on top of Ethereum (Shiba/Pepe) or their own networks (Doge), but many newer cryptos are leveraging Solana’s impressive transaction speeds and extremely low transaction costs. Because of this, Solana has hurtled toward its previous all-time high, now sitting just ~25% below its 2021 peak.
BOME and Dogwifhat Lead the Way
Solana has been home to three of the biggest meme coins of the current market rally. While Dogecoin and Shiba are cultural staples and will likely hold their positions in the top 100 coins by market cap, their gains have been dwarfed by that of the SOL-based memecoins. Just check out some of these numbers:
- Dogwifhat: Up 685% over the past month
- Bonk: Up 100% over the past month
- Book of Meme: Up 1,500%+ over the past week
The Book of Meme (BOME), the newest contender for trendiest memecoin, has been perhaps the most explosive of all. Despite being airdropped less than a week ago, the crypto has already been listed on Binance, gained 1,730% since inception and plans are in the works for a leveraged token pairing on the exchange.
This surge has seen both BOME and SOL receive a mound of hype across social media. This trend of memecoins successfully launching on the Solana network bodes well for its future, as the protocol attempts to dethrone the King of DeFi, Ethereum.
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Memecoins aren’t the be all and end all of the crypto world, but Solana’s cheap and fast consensus mechanism is naturally suited to high-supply and lower-value coins. There’s a good chance that future meme projects will start prioritising Solana over Ethereum as their preferred building block.
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