Solana has shown a sharp rise and fall over the last week

2 min readMar 21, 2024

ContentFi Labs analysts have seen traders’ interest in the Solana altcoin and meme tokens increase amid high volatility of the main crypto coin. The value of SOL exceeded the $201 mark for the first time since 2021, surpassing BNB in terms of capitalization.

The number of queries in Google for the word Solana showed another record. Earlier, the altcoin was able to surpass Ethereum in trading volume due to the growing demand for meme tokens.

Due to the hype around meme coins, SOL has gained a lot of popularity among community members. Over the past weekend, investors sent more than $100 million to Solana addresses in an effort to get memcoins at bargain prices through pre-sales.

“Solana is once again the trendiest crypto asset among traders, with new meme tokens appearing almost every minute,” said ContentFi Labs COO Nick Ruck.

BOME, NAP, and NOS were among the coins that traders intended to obtain by sending funds to smart contract addresses. Large investors are also investing in meme coins, some of whom have spent significant sums to acquire prominent meme tokens.

Also, according to CoinGecko, decentralized trading platforms based on Solana captured about 50% of the market in terms of daily trading volume. The leader was crypto platform Jupiter with $2.66 billion, followed by Raydium ($2.4 billion). Uniswap, the largest DEX, rounded out the top 3, but was followed by Solana platform Orca ($1.4 billion).

After growing by 12% over the last 7 days, the SOL exchange rate has started to decline. On March 19, the altcoin’s value dropped almost 16% to a five-day low of $166. According to the latest information from Coinmarketcap, Solana has started to grow again, breaking the $171 level.

And how do you assess the prospects of SOL and meme coins?