The Solana blockchain is witnessing a resurgence of interest in meme coins, reminiscent of last year's frenzy that propelled SOL's price to nearly $121. Trading volumes and user activity for several meme coins that emerged in December have surged recently. One of the beneficiaries is the popular dogwifhat token, which reached a record peak above its previous high following a futures listing and network effects before a slight pullback.

Franklin Templeton, a traditional finance firm, made remarks about the "wif hat" meme associated with dogwifhat tokens, significantly boosting market sentiment. The firm's digital assets team also expressed admiration for the growth seen across Solana-based applications in the fourth quarter. Solana, along with Bitcoin and Ethereum, is one of the ecosystems the team closely monitors.

Other meme tokens like usedcar, popcat, and kpop also saw significant growth, up to 50% each, despite having smaller market capitalizations of less than $20 million. However, this surge was followed by a sharp decline, with several Solana tokens dropping by up to 80% from their peak as initial investors decided to cash in on their gains.

The recent announcement by Solana Mobile about the upcoming "Two" phone, set to release in 2025, further fueled interest. Priced at $450, the phone is expected to come with airdrops and applications from Solana-based apps. Speculation about airdrops for "Two" phone buyers led to a price surge for the MYRO token. This phone follows the Saga phone, whose value began to steadily rise after an initial slump.