Solana (SOL), Ethereum’s major Layer-1 competitor, is making a bold statement as it records a massive increase in daily revenue, pushing the SOL price up by 5.62% to $174, and its market cap soaring to an impressive $82 billion. This remarkable growth has positioned Solana as a key player, even overtaking Ethereum in terms of daily fees, solidifying its place as a favorite platform for emerging projects, particularly AI-driven meme coins.
Solana Overtakes Ethereum in Daily Fees
According to recent data from IntoTheBlock, Solana’s daily fees have surged past $4.1 million, surpassing Ethereum’s, a notable feat for any blockchain platform. One of the driving forces behind this surge is the rapid popularity of AI meme coins, a new trend capturing the crypto community’s attention.
A major contributor to Solana’s revenue is the Goatseus Maximus (GOAT) token, which has experienced a staggering 40% rise, hitting an all-time high of $0.7009 and pushing its market cap beyond $700 million. What’s astonishing is that this surge occurred within just two weeks of GOAT’s launch on October 10, promoted by the AI bot ‘Truth Terminals.’ An anonymous developer created GOAT on the Pump.Fun platform, adding fuel to the intersection of AI, memecoins, and blockchain technology.
David Zimmerman, a DeFi analyst at K33 Research, highlighted in a recent report:
“A whole narrative was born from the intersection of AI, memecoins, and crypto. AI memecoins have gained massive attention over the last two weeks, with many tokens reaching over $100 million cap.”
SOL Price Rally: On the Road to New All-Time Highs
Solana’s price momentum hasn’t just beaten the buzz around AI meme coins; it has also outperformed top cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH). Over the past month, SOL has gained an incredible 18%, with bulls now aiming for an even higher target—an all-time high.
As market optimism grows, some analysts are suggesting a parabolic rally that could see SOL hit the $2,000 mark. Coinglass data backs this optimism, showing that Solana’s open interest—unsettled futures contracts for the digital asset—has surged 13.7%, crossing the $3.4 billion threshold. This jump in open interest, coupled with a 25% rise in derivatives trading volume to $9.54 billion, signals that new money is entering the Solana market, adding strength to its rally.
With these strong on-chain metrics, Solana is well-positioned for continued price action that could break previous records. Whether you’re an investor eyeing future gains or a blockchain enthusiast following the latest trends, Solana’s rapid ascent should be on your radar.
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