A sharp uptick in Solana network activity and the blockbuster performance from memecoins back SOL’s rally toward $180.
Solana's native token, SOL (SOL), gained 12.1% from Oct. 11 to Oct. 18 and data suggests that the upward momentum was partially driven by demand for memecoins. Increasing demand translates to higher network volumes, fees, and total value locked (TVL).
Traders are now debating whether the memecoin craze is sustainable and how SOL's price can continue to benefit from the surge in network activity.
While there is no fundamental basis for the surging demand for memecoins, it is clear that influential social media accounts direct traders' attention to the tokens. Take this Oct. 12 post from pwnlord69 as an example.
