Solana – the preferred platform for AI meme coins
Ethereum Layer 1 competitor Solana (SOL) is making a name for itself with a rapid increase in daily revenue on the platform. Solana overtakes Ethereum in daily transaction fees. As a result, SOL’s price rose by 5.62% to $174, giving it a market capitalization of $82 billion. Additionally, the SOL blockchain is becoming a preferred destination for the launch of AI meme coins.
Solana overtakes Ethereum in daily fees
According to the latest Data from IntoTheBlock Daily fees on the Solana network have exceeded $4.1 million. Solana overtakes Ethereum in daily fees of the respective networks. The main reason for this massive increase in network fees is the hype surrounding the AI meme tokens on the Solana blockchain. One of the biggest contributors currently is the token Goatseus Maximus (GOAT), which has risen more than 40 percent to an all-time high of $0.7009 and has reached a market capitalization of over $700 million.
The GOAT token reached this milestone within just two weeks of its launch after being promoted by the AI bot “Truth Terminals.” An anonymous developer created the GOAT token on October 10th on the Pump.Fun platform.
In a statement published on Wednesday report wrote David Zimmerman, DeFi analyst at K33 Research:
An entire narrative has emerged from the intersection of AI, memecoins and crypto. AI memecoins have gained massive attention in the last two weeks, with many tokens reaching market caps of over $100 million.
SOL course on track
The SOL course has been gaining good momentum lately, outperforming some of the top cryptocurrencies such as BTC, ETH and others. On the monthly chart, SOL price is up a staggering 18% and bulls expect a further increase to an all-time high. Some market analysts believe that the SOL price is on the way to a parabolic rally could be towards $2,000.
Open interest in Solana has increased by 13.7% to over $3.4 billion, according to data from Coinglass. Derivatives trading volume also increased by 25% to $9.54 billion in the last 24 hours.
The open interest refers to unsettled futures contracts on the digital asset. It helps to assess whether new money is flowing into the market. Since the network’s metrics show a positive development, the rise in the SOL price could continue.