The price of Solana has increased by over 5% in the past 24 hours after an uptick in the network's memecoin trading activity, an analyst said.
Solana's continued price rise recently remains propelled by memecoin trading on its network, according to the founder of a decentralized exhange.
To illustrate this, Frizza pointed to on-chain metrics such Solana’s total value locked having surpassed $4.9 billion. "This indicates robust network activity, and the number of active users has also been constantly growing, with monthly active addresses hitting a new all-time high of 41.65 million in May," Frizza added.
"This resurgence in Solana is attributable to the advantages it offers over other blockchains in terms of transactions per second throughput and scalability. Both Solana and Ethereum continue to grow, but the rise in Solana is notable, and despite the fact that by TVL, Solana is four places behind Ethereum, it is second in terms of decentralized exchange volumes by chain, as more users find utility in its blockchain," Bitfinex analysts said.
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