Meme coin enthusiasts and airdrop participants are turning their focus to Solana. The native token SOL of the Solana blockchain crossed the $100 mark on Saturday, reaching a price level not seen since the collapse of Terra a year and a half ago.
At the time of writing, SOL was trading at approximately $102 per coin. Its value has surged more than tenfold in 2023, with a remarkable 70% increase in December alone.
The price surge on Saturday concludes weeks of intense trading activities, temporarily propelling the Solana blockchain to a prominent position in on-chain activity. Solana-based decentralized exchanges are approaching Uniswap’s multibillion-dollar trading volumes for the first time, as reported by DefiLlama.
Much of this surge is fueled by widespread speculation. Presently, some of the most traded crypto assets on Solana are meme coins with dog themes. Additionally, airdrops are attracting numerous traders to explore Solana-based lending platforms, bridges, and other infrastructure.
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