Solana has emerged as the most popular altcoin within the crypto ecosystem this year, commanding an impressive 38,8% of global blockchain investor interest, according to a recent report from CoinGecko.
In the report “Solana & Base Lead Interest in Chain-Specific Narratives in 2024”, published by CoinGecko, one of the largest cryptocurrency price monitoring platforms, has revealed that the Solana network has established itself as the most popular blockchain ecosystem in 2024, capturing more than a third of global investor interest in specific blockchain-related narratives.
It is worth noting that this growth is largely due to the memecoin narrative and the accessibility and low fees that Solana offers to users. This blockchain, which ranks fourth among the most capitalized networks and cryptocurrencies on the market, has managed to capture the attention of users thanks to its ability to handle a high volume of transactions per second, up to 50.000 TPS. This speed and scalability is what has made it an attractive option for both developers and users looking for efficiency and economy in their operations.
The impact of Pump.fun protocol on Solana growth
The Pump.fun protocol, based on the Solana blockchain, has played a crucial role in the rise of the network’s popularity, as this protocol has facilitated the creation and distribution of memecoins, attracting a large number of traders looking for opportunities to capitalize on this market trend.
According to CoinGecko, the memecoin-generating protocol has been one of the main catalysts for the network’s growth and popularity, contributing to its strengthening amid the memecoin frenzy and resurgence.
Source: CoinGecko
Pump.fun has become one of the most used and in-demand protocols on Solana, driven by the ease it allows users to create memecoins quickly and at low costs. This has proved attractive to a large number of new projects in the blockchain ecosystem.
Solana Market Cap Growth
Solana’s market cap has grown significantly in recent weeks, positioning itself as the fourth most capitalized network and cryptocurrency in the market. According to CoinGecko data, Solana maintains a market cap of over $112.000 billion at the time of writing.
The price of SOL, the network’s native cryptocurrency, has also seen a notable increase in recent weeks, rising by over 43%, according to available data. Currently, the price of SOL is around $237 per unit, very close to its current all-time high (ATH) of $260, seen 3 years ago.
This growth, in addition to memecoins, has also been driven by several other factors, including the continuous improvement of the ecosystem and investor confidence in Solana’s technology.
Furthermore, with the recent interest in cryptocurrency-related exchange-traded funds (ETFs), analysts have raised expectations about a possible inclusion of Solana in this type of financial instruments. The approval of ETFs for Bitcoin and Ethereum this year and the electoral victory of Donald Trump in the elections of last November 5 have created a precedent and an encouraging perspective for the approval of new ETFs based on other altcoins, including Solana.
Base and Ethereum continue to attract the interest of blockchain users
According to CoinGecko's report, other cryptocurrencies and blockchain ecosystems that have gained popularity in 2024 are Base and Ethereum, ranking second and third respectively.
Base has seen a significant surge in user and investor interest, moving from seventh to second place among the most popular blockchains, thanks to its pro-memecoin narrative. Analysts at CoinGecko commented that Base, which has emerged as one of Ethereum’s leading Layer 2s, is also another favorite marketplace for memecoin trading, just like Solana.
On the other hand, Ethereum, although it has lost some of its initial appeal in this narrative, remains one of the leading blockchains in the industry due to its maturity and familiarity among investors. Other blockchains such as The Open Network (TON) and Sui Network have also seen significant growth in popularity this 2024, outperforming more established blockchain ecosystems.
