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Solana Nears $100 as Meme Coin Frenzy Continues to Drive Rally

Solana’s SOL neared $100 early Friday as ongoing hype for the blockchain’s speedy transactions, cheap fees and a lottery of meme coin issuances extended into its third week. Metrics show Solana has possibly been the strongest draw among on-chain traders, with trading volumes and network fees crossing those of Ethereum – which is usually the highest – on a seven-day rolling basis. Value locked on Solana applications grew in tandem, rising to $1.3 billion worth of tokens from the $400 million mark in November to reach levels previously seen in July 2022. These factors have apparently helped extend year-to-date gains for SOL to over 830%, with most growth in the past two months alone.

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