Increased activity and usage on the network could lead to a positive outcome for Solana's SOL cryptocurrency.
Data on the blockchain suggests a renewed interest in meme coins on the Solana network, reminiscent of last year's surge that drove SOL's price to almost $121. Recent data indicates that trading volumes and the number of users for various meme coins that emerged in December have risen sharply in the past week. Among them, the popular meme coin dogwifhat (WIF) experienced a surge in value after being listed on futures markets and due to increased network effects.
In the last 24 hours, WIF's value rose by as much as 50% to 48 cents before retracting. This surge in value was partly attributed to a post by traditional finance firm Franklin Templeton on Wednesday, which referenced the "wif hat" meme associated with the token, boosting investor confidence.
In subsequent tweets, Franklin Templeton's digital assets team expressed their admiration for the growth of Solana-based applications in the fourth quarter, highlighting it as one of the ecosystems they are closely monitoring alongside Bitcoin and Ethereum.
WIF's unique value proposition is closely linked to its association with an image of a dog wearing a hat, a meme that has gained popularity within the crypto community.
Other meme tokens like usedcar (USEDCAR), popcat (POPCAT), and kpop (KPOP) also experienced significant increases, albeit with lower market capitalizations of under $20 million, according to data from Birdeye, a tracking service.
While many viral Solana tokens saw their values drop by up to 80% from their peak as the meme coin craze subsided, some early investors still managed to capitalize on their initial investments, making substantial profits.
Part of the recent surge in interest could be attributed to Solana Mobile's announcement of the "Two" phone, slated for release in 2025 with a price tag of $450. There is speculation among traders that buyers of this phone could receive airdrops and access to applications from Solana-based projects, similar to the $650 airdrop offered to Saga phone owners last year.
The anticipation of token airdrops contributed to a rise in the prices of MYRO tokens, as the project hinted at offering something special to buyers of the "Two" phone. This phone follows the success of the Saga phone, which initially faced challenges but ultimately achieved success. Meanwhile, the value locked in Solana applications appears to be steadily increasing in the past week, following a brief decline in the first week of 2024.
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