Solana‘s price soared by 10% over the past 24 hours to $183.55 by 9:30 a.m. Turkey time, although its all-time high of $259.96, set in November 2021, remains a distant target.

According to Benjamin Stani, Director of Business Development at Matrixport, the surge in SOL’s price is driven by memecoin activity on the chain. Solana-based memecoins such as Dogwifhat, Popcat, and Bonk have seen significant gains recently, with Dogwifhat jumping 20%, Popcat surging 35%, and Bonk adding 10%.

Stani noted that Bonk and Dogwifhat are the first non-Ethereum meme tokens to achieve billion-dollar market capitalization on Solana, indicating clear usage for the network and dispelling doubts about the relevance of non-EVM chains.

Clay Robbins, Co-founder of Colosseum, highlighted that memecoins are enjoying a surge in popularity on Solana due to their fun and accessible nature.

Earlier this week, the Solana network set a new record for the daily number of new addresses on the blockchain, reaching 738,040 based on a seven-day moving average.

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