The post Solana (SOL) Price Saw A Double-Digit Gains, Update On Memecoin appeared first on Coinpedia Fintech News

Solana’s price has jumped significantly overnight, driven by a surge in meme coins on its blockchain. Right now, Solana’s token, SOL, is trading at $153.50, reflecting an 11.8% increase for the day. Despite this rise, it remains over 16% below its value from last week due to Monday’s crypto market crash.

Double-Digit Gains for Solana

The recent price increase for Solana is linked to news that crypto bank Anchorage plans to support SOL-based tokens using the Solana Program Library (SPL) standard. This support includes well-known tokens like the USDC stablecoin, Helium (HNT), Wormhole (W), Pyth (PYTH), and Metaplex (MPLX).

Solana’s blockchain has seen a notable increase in activity, with over 5 million transactions as users rushed to acquire Ore. Ore is a new cryptocurrency designed to mimic Bitcoin’s mining algorithm but operates on Solana’s platform. Unlike traditional mining, Ore provides personalized challenges for miners, ensuring rewards for solving these puzzles.

Meme Coins Drive Market Recovery

Meme coins on Solana have surged by over 30% in the last 24 hours, contributing to the broader crypto market recovery. Tokens like the cat-themed popcat (POPCAT) and the dog token dogwifhat (WIF) rose by up to 25% before slightly retreating. Smaller tokens such as MUMU and catdog (CATDOG) also saw increases of around 30%.

Overall, SOL has experienced a 40% rally from its low of $110 on August 5. After testing the $140 level, SOL has climbed 12% in the past day and is now trading at $154, with a market cap of $71.8 billion. This impressive recovery reflects renewed investor interest in the token.

As the crypto market heats up, Solana’s performance is one to watch.

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