- Solana’s real economic value has surged to over $11 million, a record high.
- TVL also surged to its highest since 2022.
Solana [SOL] has recently seen a spike in its real economic value, surpassing Ethereum [ETH] in the process.
Also, the fees on the network have surged to their second-highest in history, largely owed to memecoins activities. The Total Value Locked (TVL) has also continued to increase, following the trend of fees on the network.
Solana sees record surge in…
According to recent data from Blockworks, the Solana network’s real economic value recently increased to over $11 million. This was a record high for the network and surpassed Ethereum’s real economic value.
Furthermore, AMBCrypto’s analysis of the fee on the network showed that it surged to its second-highest in history in the last trading session.
The chart on DefiLlama showed that its fees rose to around $4.7 million on the 25th of October. The highest daily fee in its history was on the 18th of March, when it rose to over $4.9 million.
Incidentally, this has been in the same year, with the surge in memecoin activity contributing heavily to the rise.
Source: DeFiLlama
Solana memecoins drive market cap growth
Memecoins on Solana have continued to grow and now contribute significantly to the market cap.
According to data from CoinGecko, the memecoin market capitalization was over $11.5 billion at press time, with an almost 1% increase in the last 24 hours.
Also, the 24-hour trading volume was at almost $4 billion, and market capitalization was over $78 billion.
dogwifhat [WIF] remained the leading memecoin on the network, with an almost $2.5 billion market cap as of this writing.
Bonk [BONK] and Popcat [POPCAT] followed behind, with market caps of $1.5 billion and $1.4 billion, respectively.
TVL rises alongside positive price trends
Analysis of the Solana Total Value Locked (TVL) showed it has picked up pace in the last few weeks. Per DefiLlama, the TVL went over $6.7 billion on the 24th of October, the highest TVL since 2022.
Although it has declined to around $6.4 billion as of this writing, it was still higher than what was obtainable in 2023.
Source: DefiLlama
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Furthermore, the positive price trend of SOL has been a major contributor to the positive trend in TVL. As of this writing, it was trading at around $167 with an over 1% increase.
This price increase and the positive memecoin trend have contributed to the TVL growth in the last few weeks.
