Solana (SOL) broke new ground on March 15 after an 11% rally took its market cap to a new all-time high of $82.5 billion at a price of $186.77 per token, despite the overall downtrend, which saw the market down 4 % shrank.
This performance surpasses the previous peak market capitalization of approximately $77.9 billion – observed in November 2021 at an all-time high of $259.96 – indicating strong investor confidence and growing interest in the digital asset.
SOL was trading at $181.35 at the time of writing – up 9.29% in the past 24 hours, with a market cap hovering just above $80 billion, according to CryptoSlate facts.
Sol ecosystem is thriving
Complementing Solana’s impressive week, the network saw a record number of new addresses, with a daily average of 738,040 new addresses based on a seven-day moving average.
This increase in new addresses highlights the growing community and interest in the Solana ecosystem, which had a green trading day with most tokens posting significant gains.
DEX native tokens – including Raydium and the recently launched Jupiter and Jito – posted double-digit gains over the past day.
RAY and JUP rose more than 30%, while JITO posted a 10% gain.
Meanwhile, the largest Solana-based memecoins like WIF and BONK saw a pullback that mimicked the broader market, as investors turned to smaller cap tokens on DEXs amid the renewed memecoin frenzy.
Memecoin fever
The current excitement around Solana is largely fueled by the brisk trading activity regarding newly launched memecoins on the network following a dramatic increase in the number of memecoins this year.
Notable gains were observed in memecoins such as Dogwifhat, Popcat and Bonk, which posted gains ranging from 117% to 554% over the past 30 days. This increase in memecoin activity has drawn significant attention to Solana, highlighting its utility and growing relevance in the crypto space.
The appeal of memecoins on the Solana network is attributed to their accessibility and entertainment value. The trend reflects a broader interest in engaging with the crypto market in a fun and accessible way.
The post Solana Defies Overall Market Trend to Hit New All-Time High appeared first on CryptoSlate.