Memecoins are back, and Solana is stepping up as the biggest player in this trend. Several memecoins on Solana’s blockchain have shown impressive gains, helping to boost SOL by 7% over the past week.
The rise of memecoins on Solana
Among the various tokens gaining attention on Solana, Goatseus Maximus, SPX6900, Apu Apustaja, and FWOG are leading the charge.
Each of these tokens has made big strides this October, with Goatseus Maximus really standing out, likely because its AI connection.
Launched on Solana’s Pump.fun platform, GOAT skyrocketed to a market cap of $400 million in just one week.
The hype about an artificial intelligence bot contributing to its success played a big role in this rapid rise, even though the bot turned out to be just a promotional gimmick.
But early investors in these memecoins have been cashing in on substantial profits. For example one investor who spent 603 Solana—about $80,000—and turned it into $2 million in just six days.
These kinds of returns highlight the potential rewards of trading memecoins. But worth to remember there are potential losses too!
Solana’s TVL
While memecoins might not have solid fundamentals, their popularity clearly led to increased activity on Solana, boosting key metrics like Total Value Locked.
TVL measures how much money is locked in a blockchain’s smart contracts and is a good indicator of overall network health.
Solana’s TVL reached a two-year high of nearly 41 million SOL, and this is a 13% increase from the previous month.
Pretty impressive compared to Ethereum and BNB Chain, which have seen their TVLs remain relatively flat during the same time.
Decentralized platforms on Solana, such as Raydium and Sanctum reported huge increases in deposits.
This reflects the surge in on-chain activity and shows how much the memecoin trend is impacting the whole Solana ecosystem by driving more engagement and capital inflows.
Increased activity is always good?
In addition to rising TVL, Solana has outperformed Ethereum in network activity over the past week, recording more transactions and higher volumes on decentralized exchanges.
This strong performance hasn’t gone unnoticed, the social media discussions about Solana also exploded.
It’s now one of the most talked-about projects online, surpassing other popular alts like XRP, Cardano, and SUI.
This growing buzz could further fuel interest in Solana and its memecoins, creating a cycle that continues to drive both excitement and price momentum for SOL.
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