Google searches for Solana hit a record high. Over the past weekend, the cryptocurrency was able to outpace Ether in trading volume due to increased demand for meme coins. Every day, between 7,000 and 9,000 new tokens are recorded on the Solana blockchain.
The meme token hype has made the Solana cryptocurrency extremely trendy among market participants, with traders sending more than $100 million to Solana addresses over the past weekend in an attempt to obtain meme coins at competitive rates through pre-sales.
As a reminder, the pre-sale involves users sending cryptocurrency to a wallet address and in return receiving the corresponding amount of coins after the meme token is launched.
The list of coins that traders tried to obtain by sending funds to smart contract addresses includes Book of Meme (BOME), Nap (NAP), Nostalgia (NOS), and others. Whales are also investing in meme tokens, and some have spent hundreds of thousands of dollars buying popular meme coins.
According to The Block Data Dashboard, transaction volume on the Solana network exceeded $951 billion in January. For comparison, transaction volume in December was $738.8 billion.
Source: Bits
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