Solana (SOL) Transaction Volume Hits 1-Year High as Memecoin Activity Booms
Solana (SOL), a high-performance blockchain platform, has reached a significant milestone with its transaction volume surging to a one-year high. Memecoin activity has been one of the driving factors behind this surge, but can any of the Solana memecoins keep up with Meme Mogul’s token during the presale stages? Let’s jump into the details.
Solana Memecoin Activity on the Rise
Solana has risen from the ashes to become one of the most used blockchains in the market. Data from The Block shows that on-chain transactions have surged more than 700% since early December.But what may surprise you is that it is not due to its large number of decentralized applications (dApps). Instead, it’s largely due to the increase in memecoin activity on the Solana network.This trend began with BONK surging 16,500% in just two months to become recognized as Solana’s meme token. BONK was listed on major exchanges such as Coinbase and Crypto.com as the first Solana memecoin to gain widespread recognition.Since then, other meme tokens such as WIF and SILLY have reached $100+ million market caps as people look for the next BONK. The demand for these tokens has led to a sharp increase in transaction volume on the Solana network.
Can Solana Become the #1 Blockchain?
The rise in Solana usage reflects the platform’s fast transaction speed and near-zero fees. While it can cost $20-$50 for a swap on Ethereum’s Uniswap, it usually costs just a fraction of a cent on Solana’s Jupiter DEX.This impressive performance has led many to believe Solana could dethrone Ethereum as the #1 blockchain regarding developer activity and dApps. However, some argue that Solana’s current success is largely fueled by memecoin hype and may not be sustainable.It is important to note that while Solana has taken a monolithic approach to blockchain development, Ethereum is going for a modular approach that will take longer to build. So while Solana may have the upper hand now, the Layer-2 solutions, DA layers, and upgrades could help Ethereum regain its dominance in the future.
Meme Moguls’ Innovative Approach To Memes
Meme Moguls is the perfect destination whether you’re a meme lover, a trading enthusiast, or someone looking for a new P2E experience. Here, you can trade in a virtual market, learn trading skills from experts, and compete with others to earn MGLS tokens.The excitement is amplified by the Wealth Leaderboard, which displays the top players and motivates others to climb up the ranks. Those who get to the top of this leaderboard can become ‘Moguls’ and teach others to earn extra income.The P2E game also features a unique “Beat the Market” mode, where players are tasked with outperforming actual stock market indices. Those who excel in this mode can win various rewards, including MGLS tokens and unique NFTs that can be used within the game.
MGLS tokens can be used for governance decisions, traded for other cryptocurrencies, or staked to earn additional rewards. This multifaceted utility allows players not only to acquire MGLS tokens through their trading prowess but also to use them within the game for extra benefits.
The MGLS token is currently priced at $0.0036 during the fifth presale phase. There is an evident rush among investors to get their hands on these tokens, with over $1.9 million already raised in the first four presale phases.
With the combined market capitalization of all memecoins at $21.30 billion and a daily trading volume of $1.7 billion, the growth potential for Meme Moguls is substantial. Market analysts are optimistic, projecting that the current price of $0.0036 could skyrocket by up to 100x as Meme Moguls officially launches.
Disclaimer: The text above is an advertorial article that is not part of Cryptonews.com editorial content.
The post Solana (SOL) Transaction Volume Hits 1-Year High as Memecoin Activity Booms appeared first on Cryptonews.
