Solana Sees Surge In Memecoins Creation Amid Market Fluctuations And DeFi Growth
The post Solana Sees Surge In Memecoins Creation Amid Market Fluctuations And DeFi Growth appeared on BitcoinEthereumNews.com.
In the last 24 hours, the Solana blockchain has witnessed a remarkable surge in token creation, with nearly 20,000 new tokens minted, predominantly memecoins. A significant portion, approximately 70%, of these tokens debuted on the platform known as Pumpdotfun, highlighting the growing trend of memecoins on Solana. 🚨 REPORT: Nearly 20,000 tokens were created on @Solana in the last 24 hours, mostly memecoins, with 70% launched on @pumpdotfun. pic.twitter.com/U5mqB1NsjK — SolanaFloor (@SolanaFloor) October 9, 2024 Market DynamicsSolana itself experienced an 8.81% decline, settling at $137.49, amidst broader cryptocurrency market sell-offs. The total market cap stood at $63.94 billion, with DeFi Total Value Locked (TVL) remaining robust at $5.275 billion. Despite market volatility, daily active addresses continued to exceed 4 million, indicating sustained user engagement within the ecosystem. 🚀 Week in Solana: Post-Breakpoint Reality Check? SOL down 8.81% to $137.49!6 protocols hit $1B TVL each!Snowden criticizes centralization! Let’s unpack this week in Solana 🧵 1/6 pic.twitter.com/H2N1StUhPJ — CoinMarketCap (@CoinMarketCap) October 9, 2024 DeFi MilestonesSix decentralized finance (DeFi) protocols on Solana have surpassed $1 billion in TVL each, marking a significant milestone for the ecosystem. The overall TVL across Solana’s DeFi projects reached $5.7 billion, the highest since January 2022. Notably, PayPal’s PYUSD supply on Solana decreased to $320 million, reflecting changes in stablecoin dynamics within the blockchain. Solana NFTs And Gaming Takes On A New Vibrant Turn NFTs and GamingSolana has emerged as a vibrant hub for NFTs and gaming, attracting 31,500 new NFT users in just seven days, constituting 23% of the platform’s total user base. This activity generated $168.8 thousand in trading revenue, representing 29% of the NFT market’s total volume. Annually, Solana’s NFT sector boasts 1.5 million users and $27.5 million in revenue, underscoring its growing significance in the digital asset space. Regulatory and Staking InsightsIn regulatory news,…
Filed under: News - @ October 11, 2024 9:27 am