Solana has been the center of attention in the last seven days, spearheading most of the news headlines in the crypto community.
First, the Solana network suffered an outage on Tuesday, shutting down for nearly five hours and sparking criticisms left and right. Shortly after, SOL skyrocketed to $105, and its ecosystem recorded $1.85B in total value locked (TVL) – a number not seen since mid-2022.
The meme coin frenzyness has driven a lot of traffic to the Solana network. Last week, two popular meme coins dominated the scene: WOOF and BORK, showing off 50% and 70% in growth, respectively.
WOOF Closes the Week With 70% Surge
WOOF is a meme coin built on the Solana blockchain and aims to become the most decentralized meme/social token in that ecosystem.
As per data from CoinMarketCap, WOOF has seen its trading volume rise 30%, currently trading at $0.00014, a 76% increase in the last seven days.
WOOF stands for “We Own Our Future,” clearly signaling the emphasis on its community, which leads the protocol’s DAO, being active participants in the project’s trajectory.
The BORK Mania
BORK is another meme coin on the Solana blockchain that saw significant gains in the last seven days. According to data from TradingView and CoinMarketCap, the token closed the week at $0.0006142, a 50% surge.
BORK was inspired by the viral internet meme from 2013, Bork, also known as Gabe the Dog. The project strives to establish itself as a top memecoin within Solana, aiming to create a sustainable community of retail investors.
Notably, BORK has garnered attention for its meteoric rise in the memecoin scene. As reported, a trader achieved significant gains of approximately 2,250 SOL – around $245,000 – in just five days, starting with an initial investment of 4 SOL shortly after discovering BORK 10 minutes after launch.
Solana’s Ecosystem on the Rise
Solana has seen an uptick in price and network activity, with SOL reaching $110 on Friday.
CryptoPotato reported last week how Solana’s TVL rose to $1.74 billion, marking a nearly 500% increase since October 2023. But Solana’s ecosystem quickly surged to $1.85B a day later, signaling the rapid resurgence of the Solana DeFi ecosystem.
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