Solana Meme Coins Surge 32%: POPCAT And DADDY Lead The Charge As SOL Soars 10%

On Aug 7, 2024

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Solana meme coins saw their collective market cap skyrocket more than 32% in the last 24 hours after SOL surged 10% during the same period to trade at $153.03 as of 8:55 a.m. EST.

Popcat (POPCAT) and Daddy Tate (DADDY) emerged as the best 24-hour performers in the SOL meme coin space, according to CoinMarketCap data.

After a 41% surge, POPCAT’s price climbed to $0.5912, while DADDY’s 36% jump pushed its price to $0.09301. POPCAT also registered the biggest gain in the market overall throughout the past day of trading.

Solana Ecosystem’s TVL Jumps As Jito And Raydium Both See Inflows

The Total Value Locked (TVL) in the Solana ecosystem also rose from $4.42 billion to $4.81 billion in the last 24 hours, according to DefiLlama data. Jito, the leader in this on-chain metric within the SOL ecosystem, registered a 10% increase. As a result, Jito’s TVL has been pushed up to over $1.81 billion.

Other platforms such as Kamino, Marinade and Raydium all posted notable increases in their respective TVLs throughout the past trading session as well. Kamino’s TVL climbed more than 8%, while Marinade and Raydium’s TVLs jumped 7% and 11%.

Net Inflows Turn Positive For The First Time Since The Recent Market Crash

Funds also started to flow back into the Solana ecosystem after both Monday and Tuesday saw negative net flows. More than $3.5 million left SOL projects and protocols on Monday, while over $7.1 million was withdrawn on Tuesday.

This trend underwent a positive shift recently, with investors starting to pour capital back into the ecosystem today. In the past 24 hours, net flows have turned green and recovered to stand at $25.6 million.

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As investors return to the Solana ecosystem and meme coins pump, Solana presale tokens like Mega Dice (DICE) also stand to benefit from the uptick.

DICE will become the first GambleFi token to launch on Solana and has already raised more than $1.68 million as it strives to challenge crypto casino titan Rollbit Coin.

Multichain meme coin Base Dawgz (DAWGZ), which also has a presence on Solana, might get a boost, too, as its impressive ICO closes on $3 million in funds raised.

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