Solana (SOL) Price Saw A Double-Digit Gains, Update On Memecoin

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Solana’s price has seen a significant rise overnight, driven by a surge in meme coins on its blockchain. Currently, Solana’s token, SOL, is trading at $153.50, marking an 11.8% increase for the day, though it remains down more than 16% from last week after Monday’s crypto crash.

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 surge in activity, with over 5 million transactions as users sought to acquire Ore, a cryptocurrency designed to mimic Bitcoin’s mining algorithm but running on Solana’s platform. 

Unlike traditional mining, Ore offers personalized challenges to miners, ensuring rewards for solving these puzzles.

Memecoins on Solana have jumped by over 30% in the last 24 hours, leading the crypto market’s recovery. This comes as SOL, the network’s main token, bounces back from earlier losses.

Tokens like the cat-themed popcat (POPCAT) and dog token dogwifhat (WIF) rose by up to 25% before slightly falling back, while smaller tokens like MUMU and catdog (CATDOG) increased by 30%.

Overall, SOL has experienced a 40% rally from its low of $110 on August 5, strengthening after testing the $140 level. In the past day, Solana has climbed 12% and is now trading at $154, with a market cap of $71.8 billion.