The cryptocurrency market has definitely struggled with consistency simply 4 months into the brand new yr. Furthermore, this has created a reasonably regarding downside for the memecoinmarket, as sluggish value performances have been the norm. Nevertheless, that could be altering, as Solana has seen its every day meme coin buying and selling quantity bounce by $1 billion in Could because it dominated exercise.
The event exhibits that the asset class on the Solana community could also be monitoring Bitcoin. Certainly, the main cryptocurrency surged to a $111,000 all-time excessive this week amid a historic bounce. Now, that may very well be propelling a bunch of different digital belongings up in the identical manner.
Solana Memecoin Buying and selling Quantity Jumps 46% Between April and Could
Coming into 2025, there have been few cryptocurrencies that had the type of hype Solana had. The token was set to be the topic of a number of ETF filings. Furthermore, there was a very good likelihood that it will quickly be part of Bitcoin and Ethereum, with the funding car being permitted finally. Moreover, it stood as one of many largest sources of meme cash within the trade.
No matter what one thinks of the memecoin sector, its recognition is plain. That has been large for the community as a complete, because it has continued to drive site visitors and participation. In truth, that took one other main step this month, when the Solana memecoin every day common buying and selling quantity jumped $1 billion in Could, with exercise dominating.
Based on Blockworks knowledge, Solana noticed its common every day buying and selling quantity bounce 46% from April. Furthermore, it reached a price of $58.7 billion this month. That continues to reiterate the significance that the asset class has to the blockchain. Certainly, memecoins accounted for greater than 64% of Could buying and selling quantity on Solana, up from 56%.
In early Could, when Bitcoin broke by the six-figure mark, Solana meme coin exercise surged to a peak of $4.2 billion. That determine proved to be its highest mark since February of this yr. Moreover, it verified that the asset class would carry out alongside the surging worth of BTC. With the main crypto projected to achieve heights of $135,000, that may very well be an excellent factor for the community.
