Solana’s market value hit an all-time high, and it is believed that meme coins may be behind the rise.
While the cryptocurrency market hosted significant declines in the early hours of March 15, one of the rare names that resisted these declines was Solana (SOL). Breaking through the long-standing $173 band, SOL climbed up to $185 with a strong movement.
Benjamin Stani, business development director of Matrixport, stated to The Block that the rise in Solana is strongly influenced by the meme coins in the ecosystem.
Solana-based meme coins such as Dogwifhat (WIF) had hosted staggering increases especially in recent weeks. This pioneering meme coin movement was followed by thousands of different meme coins created on the network, leading to both Solana’s market value hitting a record high and a rise in SOL price.
According to CoinGecko data, SOL’s market value reached $81 billion on March 15, breaking all-time records. Most recently, a peak of $77.4 billion in November 2021 was seen.
