In a recent report by CoinGecko Research, Solana has been crowned as the most popular blockchain ecosystem of 2024. This recognition is attributed to its significant surge in activity, particularly on decentralized exchanges (DEXs), where traders have been actively engaging in the trading of memecoins such as Bonk and Slerf. The network's dominance is evident as it now holds 49.3% of global crypto investor interest in chain-specific narratives, showcasing its growing influence in the crypto space.

Solana's Price Rally and Trading Volumes

Solana's price has experienced a remarkable climb, surpassing $200 for the first time in two years and reaching its highest level since 2021. This surge in price has been fueled by a substantial increase in network trading volume, with SOL's price soaring by over 700% in the past 12 months. The recent price rally saw SOL's value rise by more than 7% within 24 hours, trading at $187.30 as reported by The Block's Price Page.

Memecoin Mania and Network Activity

The frenzy surrounding memecoins has played a significant role in driving activity within the Solana network. Decentralized exchanges like Jupiter and Raydium have witnessed a surge in trading volumes, with traders actively accumulating memecoins like Bonk and Slerf. This trend has led to Solana-based DEXs gaining market share from Ethereum DEXs like Uniswap over the past few months.

Onchain Volumes and Transaction Fees

Solana's onchain volumes have experienced a notable increase in recent weeks, accompanied by a rise in transaction fees collected by the network. The total transaction fees paid on Solana hit an all-time high of $5.08 million on Monday, reflecting the growing activity and engagement within the ecosystem. Automated market makers like Raydium, Orca, and the Jupiter aggregator have facilitated the rapid creation of new liquidity pools and trading opportunities for memecoins, contributing to the network's vibrant ecosystem.In conclusion, Solana's emergence as the most popular blockchain of 2024 underscores its growing influence and appeal within the crypto community. With its price rally, surging trading volumes, and active memecoin trading, Solana continues to solidify its position as a leading player in the blockchain space, attracting both traders and investors alike with its innovative ecosystem and vibrant community.