Solana’s native token, SOL, ticked up 12.1% between Oct. 11 and Oct. 18, with much of this upward momentum attributed to a surprising source: memecoins. The increased demand for these playful, speculative tokens has translated into higher network volume, boosted fees, and a surge in total value locked (TVL). Traders are now asking: Can SOL’s price sustain its rise through memecoin mania, or is this rally just temporary hype?
Memecoins Drive Network Volumes — But for How Long?
The memecoin phenomenon on Solana isn’t tied to strong fundamentals, yet social media influencers have been a major catalyst. On Oct. 12, an account named pwnlord69 sparked excitement for a token called Goatseus Maximus (GOAT). The coin skyrocketed to a $400 million market cap within a week, thanks to rumors of an artificial intelligence bot launch. In reality, the bot merely promoted GOAT, which debuted through Pump.fun, a decentralized app for managing Solana token launches on the Raydium exchange.
Several other Solana-based memecoins have followed similar trajectories, achieving staggering gains:
- SPX6900 (SPX): +379%
- Apu Apustaja (APU): +170%
- FWOG: +134%
- PUPS and MAGA (TRUMP): +90% each
This surge in token values creates a positive feedback loop, as more media attention drives higher demand. However, skepticism looms over whether memecoins offer lasting value or are merely short-term speculative plays.
SOL’s Price and TVL Benefit from the Hype
The key question is whether the memecoin boom will continue supporting SOL’s price. A crucial metric to watch is total value locked (TVL), which measures the funds deposited in Solana’s smart contracts. Solana’s TVL hit a two-year high in October, reaching 41 million SOL—up 13% month-over-month. By contrast, Ethereum and BNB Chain’s TVL figures have remained relatively stagnant.
Notable contributions to Solana’s growth include:
- Raydium: +70% in deposits over the past month
- Sanctum: +32% increase in TVL
Beyond TVL, Solana’s decentralized exchange (DEX) volumes surged by 43% in a week, outpacing its rivals. Ethereum’s layer-2 networks, such as Arbitrum, couldn’t keep up—recording $3.74 billion in weekly volume, compared to Solana’s impressive $11.16 billion.
Will SOL Hit $180?
While it’s uncertain whether the memecoin craze will endure, Solana’s recent performance suggests that $180 is within reach. The network’s ability to handle high volumes and maintain competitive fees offers a clear edge over Ethereum and other blockchains.
Also Read: Ape On Launches Innovative Token Locking for Secure Project Launches on Solana
Looking ahead, Solana’s infrastructure positions it for growth not only in memecoins but also in artificial intelligence applications, Web3 ecosystems, gaming, and prediction markets. Whether SOL can maintain this momentum will depend on how well it capitalizes on these opportunities as the blockchain landscape evolves.
With robust network activity and growing validator capacity, Solana looks ready to leverage both hype and real-world innovation—setting the stage for a potentially significant rally.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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