Following the overall market rally that has taken place over the past two weeks, Solana (SOL) has reached a 2-year high, driven primarily by BONK and dogwifhat (WIF) leading meme coin trading volume surges. Indeed, SOL is currently trading at $142.28, according to CoinMarketCap. Therefore, the token is now at its highest level since January 2022.
Solana has been surging massively over the last 24 hours, up more than 11%. Moreover, that increase has occurred as Bitcoin (BTC) has corrected over the last few days. Yet, it still surpassed its all-time high of $69,000 earlier this week. Subsequently, a host of tokens reached similar highs.
Also Read: Solana (SOL) Approaches 2-Year High, Will It $150 Next?
Solana (SOL) Reaches Highest Leve Since 2022 Amid Meme Coin Surge
Since the start of the year, the digital asset market has had high hopes for its performance. Led by the approval of Spot Bitcoin ETFs just 10 days into the new year, the market anxiously awaited what could come from increased institutional investment. Thus far, only two full months into 2024, a lot of those expectations have been met.
Bitcoin (BTC) has already reached an all-time high this month, and despite slipping back a bit, other assets have seen similar surges. Among them is Solana (SOL), which has reached a 2-year high this week, driven primarily by the surging volume of meme coins like BONK and WIF.
Also Read: Solana Forecasted To Surge 500%: SOL Mirrors ETH’s 2020 Rise
Just yesterday, Solana saw trading volumes reach the $9.5 billion level. Moreover, the ecosystem has only had three other days with higher volumes; all of which take place in 2021. Yet, the two previously mentioned meme coins led the way, equating to more than $1 billion in trading volume between them.
The last two weeks have seen meme coins surge in value and popularity. Although Shiba Inu (SHIB) and Dogecoin (DOGE) remain popular, a host of others have thrown a wrench into the market. Furthermore, their association with the Solanan blockchain has only helped to increase the value of SOL.
However, over the last 24 hours, it appears as though the meme coins have come back to earth. BONK is currently down more than 13.6% in that time frame, while Dogwifhat is down 16%. Still, their performance does not appear to be hindering the overall value increase that SOL has enjoyed throughout the last day.