Solana meme coins like Slerf have been driving significant on-chain activity on the altcoin network, with pre-sale projects quickly accumulating millions in SOL within a matter of hours. The decentralized exchanges (DEX) on Solana, including Raydium, Jupiter, and Orca, have surpassed their counterparts on Ethereum and Binance Smart Chain in trading volume over the past 24 hours during a memecoin frenzy.
According to CoinGecko, Raydium, Jupiter, and Orca have taken the top spots for daily transaction activity across all indexed on-chain swapping venues. Raydium recorded .2 billion, Jupiter .1 billion, and Orca .4 billion, outpacing Uniswap and Pancakeswap with .2 billion and 2 million respectively.
The hottest pair on Raydium has been marked as SLERF/SOL, a meme coin that inadvertently burned million in SOL raised through its pre-sale phase. Despite the mishap, SLERF skyrocketed from .5 million to almost billion in market cap, attracting significant attention and leading to several centralized exchange listings before eventually dropping below a 0 million valuation.
The trend of raising millions in SOL within hours of a pre-sale announcement is gaining traction in Solana’s ecosystem. One notable example is NFT project Milady, which raised million in just two hours after unveiling its latest offering, inspired by the viral meme play Dogwifhat (WIF) that reached a market cap of .2 billion earlier this month.
The sustained interest in Solana’s ecosystem has also had a positive impact on the SOL token, with its value increasing by over 35% in the past week to above 0, approaching its previous all-time high of 9 reached in November 2021. The surge in activity and excitement around meme coins and pre-sale projects on Solana indicates a growing interest in the network and its potential for further growth in the crypto space.
