The Solana memecoin frenzy has seen several tokens rise to multimillion-dollar market capitalizations within days.
The Solana blockchain is currently outperforming rivals Ethereum, Avalanche and BNB Chain in terms of network activity, growth and adoption — all thanks to the memecoin frenzy that has taken crypto markets by storm.
Over the past month, the Solana blockchain has seen the launch of thousands of new memecoins with billions of dollars in trading volume. Several new memecoins made headlines and rose to new market highs within days, while others grabbed headlines for rugging users and even racism.
Memecoins are digital currencies that derive their name from internet memes and have no practical application outside of being a pop culture reference. These cryptocurrencies are often backed by a strong online community.
