Solana's Meme Coin Frenzy Propels Value to New Heights

Solana's cryptocurrency token, SOL, is nearing $100 as the frenzy around meme coins continues to drive its rally. Solana's fast transactions, low fees, and the issuance of meme coins have attracted traders, with trading volumes and network fees surpassing those of Ethereum. The value locked in Solana applications has also surged, reaching $1.3 billion. Despite selling pressure from the bankruptcy estate of FTX, SOL has gained over 830% this year. The popularity of meme coins, such as dogwifhat (WIF), has further fueled the interest in Solana. Analysts expect SOL's outperformance to continue, driven by retail investor interest and the growth of the Solana blockchain.