tl;dr
Ethereum competitor Solana (SOL) has experienced a significant surge in daily revenue, leading to a 5.62% increase in the SOL price to $174 and a market cap of $82 billion. The SOL blockchain has surpassed Ethereum in daily fees, with daily fees on the Solana network exceeding $4.1 million. This sur...
Solana (SOL) has surpassed Ethereum in daily fees, with fees on the Solana network exceeding $4.1 million, driven by the frenzy surrounding AI meme coins.
The price of Solana (SOL) surged by 5.62% to $174, reaching a market cap of $82 billion, outperforming major cryptocurrencies and gaining momentum for a potential rally to $2,000.
The surge in network fees is attributed to the popularity of AI meme coins on the Solana blockchain, particularly the Goatseus Maximus (GOAT) token, which achieved a market cap of over $700 million within two weeks of launch.
The SOL price has outperformed major cryptocurrencies like BTC and ETH, gaining 18% on the monthly chart, with analysts speculating a potential rally to $2,000. Open interest in Solana has increased by 13.7% to $3.4 billion, indicating positive on-chain metrics and potential for further price rally.
As per the latest data, the daily fees on the Solana network have crossed $4.1 million, surpassing the Ethereum daily fees. The surge in network fees is driven by the frenzy surrounding AI meme coins, notably the Goatseus Maximus (GOAT) token, which has achieved a market cap of over $700 million within two weeks of launch.
The Solana price has gained 18% on the monthly chart, with potential for a further push to its all-time high levels. Open interest in Solana has increased by 13.7% to $3.4 billion, indicating positive on-chain metrics and potential for further price rally.
More about Emeren Group Ltd
Emeren Group Ltd, ReneSola Ltd, develops, builds, operates, and sells solar energy projects. The company is headquartered in Stamford, Connecticut.
Industry: MANUFACTURING, SEMICONDUCTORS & RELATED DEVICES
Market Cap: 129.163B
Dividend Yield: None
Beta (5Y Monthly): -0.31
Price/Earnings Ratio (TTM): 1.915
EPS (TTM): -0.163
Volume: 103.577M
1-Year Target: 5.33
PE Ratio: -0.924
Forward PE Ratio: -0.112