Solana is holding strong above $170 despite a minor 3% dip on the day, continuing a powerful run that’s seen it gain over 30% in the past 30 days. The Layer 1 network has reclaimed territory last seen in Q1, with bulls pushing toward the key $190 resistance.
This latest rally has pushed Solana’s market cap above $91.9 billion, and daily trading volume remains elevated at over $6 billion — a sign that interest in the network is far from fading. Momentum has been bolstered by a wave of memecoin activity, increasing DeFi usage, and rising institutional activity across Solana’s core protocols.
Meme Mania Returns as Solana Memecoin Market Caps Explode
Solana’s memecoin ecosystem is in full resurgence. The top 15 meme coins now boast a combined market cap of $14.6 billion, with daily volumes exceeding $6.5 billion.
Standouts like dogwifhat (WIF) and Peanut the Squirrel (PNUT) have skyrocketed 106% and 155%, respectively, over the past week. BONK and Fartcoin continue to anchor the memecoin scene, while newer names like Launch Coin on Believe and Habibi (Sol) are posting triple-digit gains.
Pump.fun-driven launches are still prominent, but challengers like BonkFun and Believe are gaining ground. With tokens like TRUMP, FOFO, and PENGU pulling in hundreds of millions in daily trade volume, Solana is once again the epicenter of crypto’s memetic chaos.
DEX Volume, DeFi TVL, and Kamino Surge as Activity Spikes
Memecoin mania is just one piece of the puzzle. DeFi is roaring back on the blockchain.
Total value locked has climbed past $9.5 billion — up 52% month-over-month — putting it within striking distance of previous cycle highs. Kamino’s protocol TVL has surged past $2.2 billion, and Solend (now rebranded as SAVE) is back above $200 million, reflecting renewed interest in yield-bearing DeFi primitives.
Jito, Marginfi, and other Solana-native projects are also seeing inflows as users rotate back into the ecosystem. Daily DEX volume recently topped $9.8 billion, outpacing Ethereum, with memecoin pairs driving nearly 30% of the action.
Furthermore, on May 13, Solana generated $7.96 million in on-chain fees, compared to Ethereum’s $2.54 million. That’s more than every other major blockchain, including Bitcoin, BNB Chain, and Arbitrum, combined. It’s a clear signal that the network’s usage is growing fast, with 3.47 million active addresses compared to Ethereum’s 450,000.
While Ethereum still dominates in long-term developer traction and TVL, Solana is pulling ahead on real user activity, and traders are noticing.
Disclaimer
This article is provided for information only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
