Solana Price Jumps Double Digits as Pump.fun Meme Coins Surge

Solana is up by double digits in the past day, as meme coins built atop its blockchain surged by 35% overnight.

2 min read

Aug 7, 2024

The Solana price has shot up by double digits overnight, as meme coins built on its blockchain surged.

Per data from CoinGecko, SOL is currently trading at $153.50, up 11.8% on the day—though it remains down by over 16% on the week following Monday's spectacular crypto crash.

In the past day, $9 million worth of SOL short seller positions have been wiped from the derivatives market, according to Coinglass data. Together with long positions, SOL futures traders have seen nearly $14 million worth of open contracts get liquidiated in the past day.

Solana's rebound comes as meme coins built atop its blockchain surged overnight. Per CoinGecko, the Solana meme coins category is up by around 35% on the day, as is the pump.fun ecosystem, referring to coins created using the Solana-based meme coin factory.

Leading gainers within the Solana meme category include Dogwifhat (WIF), up 27.8%, BONK, up 7.5% and Popcat, up 36.1%.

Solana, Anchorage and Ore

Solana has also been boosted by reports that crypto bank Anchorage plans to add support for SOL-based tokens that follow its Solana Program Library (SPL) token standard, including the USDC stablecoin, Helium (HNT), Wormhole (W), Pyth (PYTH) and Metaplex (MPLX).

Transaction volume on the Solana chain has jumped as users submitted over 5 million transactions in a bid to acquire Ore, a cryptocurrency that aims to mimic Bitcoin's proof-of-work mining algorithm, but running as a program atop Solana's blockchain.

"Rather than setting up every miner in a winner-take-all competition against one another, Ore gives each miner their own personalized computational challenge," the project explains on its website. "As long as you provide a valid solution to your own individual puzzle, Ore guarantees your will earn a piece of the supply."

Some 13% of transactions per block are currently Ore mining transactions, following the launch of the project's version 2 upgrade earlier this week.

Edited by Stacy Elliott.

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