3 weeks ago
Memecoin trading enactment connected Solana is tracking Bitcoin’s recovery, with the mean regular trading measurement rising 46% betwixt April and May.
According to Blockworks data, monthly trading measurement for memecoins connected Solana was $58.7 cardinal arsenic of May 21, already implicit $1 cardinal higher than the measurement registered successful April.
Additionally, memecoins accounted for 64.6% of each monthly trading measurement connected Solana arsenic of May 21, up from 56% successful April.
Notably, memecoin enactment correlated heavy with Bitcoin breaking the $100,000 threshold connected May 8, gradually expanding to astir $4.2 billion. This is the highest regular trading measurement for memecoins connected Solana since Feb. 15.
A terms summation successful the memecoin assemblage reflects the measurement growth. In the past month, the memecoins were the fifth-best-performing assemblage successful crypto among 22, rising 59% connected average, based connected Artemis data.
Lack of assurance contempt boosted volume
Weekly volumes besides amusement accordant maturation since Bitcoin bottomed connected April 7. Memecoin play trading enactment showed an mean summation of 16% arsenic of the week ending May 18.
Between May 12 and May 18, Solana-based memecoins reached astir $24 cardinal successful play volumes. This is the highest level since the week ending connected Feb. 16.
In the past week of April, memecoins represented 61.5% of each measurement traded connected Solana, the highest proportionality since the week ending connected Feb. 16.
Despite the marketplace starting to alteration connected Feb. 1, aft President Donald Trump signed an enforcement bid making commercialized tariffs official, the plunge successful Solana’s memecoin enactment happened lone 2 weeks later.
On Feb. 14, Argentinian president Javier Milei endorsed the LIBRA memecoin arsenic a mode to money tiny ventures successful the country.
Although the token’s marketplace headdress reached $4.5 billion, its terms crashed 95% lone 2 days aft Milei’s mention.
A fewer days later, a study by Nansen highlighted that 2 wallets profited implicit $10 cardinal with the token. The addresses bought LIBRA close aft Milei’s endorsement and sold astatine the nonstop $4.55 peak.
The incidental prompted rumors of dense insider enactment connected Solana’s token launches, which caused a large dent successful capitalist confidence, which has yet to retrieve to levels seen earlier the incident.
The station Solana memecoin mean regular measurement surges 46% successful May, echoing Bitcoin’s recovery appeared archetypal connected CryptoSlate.
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