Why Is The Price Of Solana (SOL) Higher Today?

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The resurgence of the top meme coins on Solana’s network and its growing domination in the cryptocurrency market are two positive indicators that align with the company’s current price increases. After 48 hours of consistent selling pressure, Solana’s SOL tickers down $182 price is up today, helped by a slight rebound on the larger cryptocurrency market.

Why Is Solana’s Pricing Higher Right Now?

Notably, SOL’s price increased by around 5.75% to about $192 on April 3. In doing so, the cryptocurrency performed better than the 2.2% increase in the crypto market as a whole. The rises in the market value of SOL’s viral meme coins, Dogwifhat (WIF), and Bonk (BONK) align with the company’s current gains. In the past day, WIF and BONK have increased by 5.4% and 1.3%, respectively. The recently released Cat in the Dogs World (MEW) and Book of Meme (MEME), which increased by 45% and 9.5% in the same time frame, are two of the top memecoin gainers in the SOL ecosystem. Solana’s supporters have well received the introduction of meme coin projects on its blockchain; according to a recent Franklin Templeton study, these so-called funny cryptocurrencies “have a strong relationship with their native networks.” Theoretically, viral meme coin initiatives can stimulate speculation in the native currencies of the blockchain networks they underpin. As an example, BNB Chain, Solana’s competitor, is enticing memecoin developers to their layer-one blockchain with a $1 million prize.