Over the past 24 hours, Solana’s native token (SOL) rose from $145 to $172, with its market capitalization nearing an all-time high of $76.7 billion.
SOL remains 51% below its historical price peak of $260.
The coin is showing positive momentum amid the broader crypto market rally and excitement over meme coins on the network.
The Dogwifhat (WIF) token on Solana has become the fourth-largest meme cryptocurrency by market cap at $3.3 billion. The asset surged 50% in a day after the community raised 690,000 USDC to display the project’s mascot on the “Sphere” in Las Vegas.
bink! dogwifhat on sphere fully funded ✅ https://t.co/jOmTj5hZnk pic.twitter.com/WTUEgOqVlG
— Ansem ??️ (@blknoiz06) March 13, 2024
Earlier in March, Solana was also flooded with celebrity-themed meme coins featuring misspellings like Jeo Boden, Danold Tromp, and Olen Mosk. Experts attributed this FOMO to the network’s low transaction fees.
Additionally, according to SolanaFloor, on March 14, the blockchain recorded a daily inflow of $95 million solely in stablecoins.
? BREAKING: @solana saw inflow of over $95 million in Stablecoins over the past 24 hours. pic.twitter.com/SZGoaOVlFH
— SolanaFloor | Powered by Step Finance (@SolanaFloor) March 14, 2024
Highlighting the near-record market cap, analyst decypher noted the increase in SOL’s circulating supply. Since the last bull market, the number of tokens in circulation has risen from 300 million to 443 million.
Not sure why no one is talking about this but $SOL is very very close to hitting it’s Market Cap ATH at close to 80B
Why you ask?
Because the supply has increased from around 300M to 443M since the last bull market ? pic.twitter.com/kMiKSWYctE
— decypher (@decypher_xyz) March 13, 2024
In the long term, such tokenomics could negatively impact the asset’s price, as supply risks outpacing demand.
Analysts at K33 Research have identified the meme coin rally as a sign of an emerging altseason.
Franklin Templeton noted that such coins lack “native” value and are highly volatile, yet they maintain “strong relationships” with their native networks.