Over the past several weeks, the Solana network has seen a plethora of meme coins skyrocket in value. Subsequently, its native token has been a part of the ongoing market rally that took place in March. After vaulting into the top three assets on the market, could the Solana (SOL) market cap reach $1 trillion amid the recent meme coin surge?
Solana has seen its market cap rapidly increase in value throughout the last month. Indeed, the asset had surpassed the Binance coin (BNB) to become the third largest on the market. With it reaching as high as $90 billion yesterday, one analyst has shared their belief that the asset could be on its way to a massive future.
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Solana Predicted to Join Bitcoin as $1 Trillion Cryptocurrencies
Throughout the recent market surge that has occurred in 2024 thus far, the Solana network has been one of the clear winners. Not only did SOL surpass $200 for the first time since 2021, but the network featured a plethora of Solana-based meme coins that skyrocketed in value. Assets like Book of Meme (BOME) and Dogwifhat (WIF) have been joined by Slerf, whose trading volume recently outperformed all of Ethereum.
This kind of activity has rapidly increased the attention being placed on Solana. Indeed, it has also led to positive performance for the SOL token. It has catapulted into the top 3 digital assets in the past month alone. Yet, one analyst believes that may just be the beginning, as the Solana (SOL) market cap has been predicted to reach $1 trillion.
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Specifically, hedge fund presence and CEO of Asymmetric, Joe McCann, has placed rather lofty expectations on the asset. In a thread posted to X (formerly Twitter), McCann expounds upon his forecast. Ultimately, McCann roots his statement in Solana as the “Chain for retail” and its impressive speeds.
“[Solana] has originally been described as “Blockchain at Nasdaq speed,'” McCann writes. Furthermore, notes this is due to the “high throughput, low latency features of its design.” However, that deviates from its “product-market fit (PMF)” that SOL has found, says McCann.
He then notes that meme coins have emerged as the PMF for Solana. Moreover, he identifies the correlation between “speculative gamblers” and these digital assets. Actually, McCann is betting on meme coins driven by speculation and gambling prevalence. These are consistent with what we’ve seen and could drive the asset to new heights. Yet, $1 trillion is a lofty expectation for the asset.