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Solana Topples Ethereum in Daily Fees, Thanks to AI Meme Coin Craze

Ethereum Layer-1 competitor Solana (SOL) is making waves with a rapid surge of daily revenue on the platform. As a result, the SOL price has shot up 5.62% as of press time, moving all the way to $174 and a market cap of $82 billion. Furthermore, the SOL blockchain is also emerging as the preferred destination for the launch of AI meme coins.

Solana Topples Ethereum in Daily Fees

According to the latest data from IntoTheBlock, the daily fees on the Solana network have crossed $4.1 million, surpassing the Ethereum daily fees as of now.

Courtesy: IntoTheBlock

The major reason behind this massive surge in network fees has been the frenzy surrounding AI meme coins on the Solana blockchain. One of the biggest contributors currently is the Goatseus Maximus (GOAT) token, which has surged over 40% hitting its all-time high levels of $0.7009 and its market cap surging past $700 million.

The GOAT meme coin has achieved this massive milestone within just two weeks of launch after being promoted by the AI bot ‘Truth Terminals’. An anonymous developer created the GOAT token on October 10 on the Pump.Fun platform. In a report on Wednesday, DeFi analyst at K33 Research, David Zimmerman wrote:

“A whole narrative was born from the intersection of AI, memecoins, and crypto. AI memecoins have gained massive attention over the last two weeks, with many tokens reaching over $100 million in market cap.”

SOL Price Rally to All-Time High

The Solana price has caught good momentum recently, outperforming some of the top cryptocurrencies like BTC, ETH, and others. On the monthly chart, the SOL price has gained a staggering 18% with bulls eyeing a further push to its all-time high levels. Some market analysts believe that the SOL price could be on a path to a parabolic rally to $2,000.

$SOL – I don’t know where you draw the trend lines but it looks bullish. If you can ignore some candles it definitely has a breakout structure. pic.twitter.com/E32xoNiIS7

— IncomeSharks (@IncomeSharks) October 23, 2024

According to Coinglass data, the open interest in Solana has shot up 13.7% moving past $3.4 billion. Also, the derivatives trading volume is up by 25% in the last 24 hours to $9.54 billion.

Open interest refers to the unsettled futures bet for the digital asset. It helps to gauge whether new money is entering the market. Thus, with on-chain metrics showing positive developments, the SOL price rally can continue further ahead.

Conclusion

In conclusion, Solana’s rapid surge in daily fees and its emerging as the preferred destination for AI meme coins is a significant development in the crypto space. The recent price rally and market capitalization boost are a testament to the network’s capabilities and adoption. As the market continues to evolve, it will be exciting to see how Solana and other blockchain platforms adapt and continue to grow.

FAQs

What is Solana (SOL)?

Solana is a blockchain platform that enables fast, secure, and low-cost transactions. It uses a proof-of-stake (PoS) consensus mechanism for securing its network.

What is an AI meme coin?

An AI meme coin is a type of digital asset that uses artificial intelligence (AI) to promote and market itself to attract attention and investment. These coins often have a strong online presence and are able to generate significant buzz and hype.