Solana soars 19% thanks to an AI memecoin frenzy
Solana, the third most popular blockchain, has been on a tear the past few weeks thanks to AI memecoins, a new niche in crypto that blends artificial intelligence and cryptocurrencies derived from internet jokes. The run has sent Sol, the native-token of the Solana blockchain which many memecoins are built on, above $175 for the first time in two months.
While the broader crypto market continues to consolidate this week following early October lows, Solana’s gains have outpaced those of the largest cryptocurrencies. Sol is outperforming Bitcoin, Ethereum, XRP and others included in the CoinDesk 20 Index. Solana is up 19% over the last seven days while, in contrast, Bitcoin is up 0.8%, and Ethereum and XRP are down 3%.
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