Memecoins
The impact of memecoins on Solana’s growth
7.30pm ▪ 4 minute read ▪ by Evans S.
Solana has carved out a prominent place for itself in the cryptocurrency sphere, particularly thanks to an unexpected feature: memecoins. These digital tokens, often considered jokes, prove to be powerful tools for engagement and growth. Raj Gokal, co-founder of Solana, stated this at the Consensus Conference: user demand for memecoins is a key lever for attracting new participants.
Memecoin: catalysts for growth
Memecoins aren’t just gimmicks. They became social and economic phenomena, bringing Solana into the spotlight.
According to Gokal, the popularity of these tokens it is fueled primarily by user demand. Offering a fun and engaging way to participate in the cryptocurrency universe, memecoins intuitively welcome newcomers.
This dynamic has significantly increased activity on the chain, making Solana the preferred blockchain for speculation on these tokens.
Solana didn’t stop there. The blockchain he capitalized on this frenzy by improving his transactional skills. Currently, Solana is capable of processing thousands, if not millions, of memecoin-related transactions.
Additionally, Alvin Kan, COO of Bitget Wallet, reports:
Memecoin price volatility reflects the highly speculative nature typically present in the cryptocurrency market, which largely depends on market sentiment. Additionally, early traders who take profits quickly can trigger massive and rapid selling, intensifying price declines if liquidity is insufficient and market selling pressure increases. However, I believe that memecoins are a trend that could continue. They thrive primarily on community buy-in, echoing the dynamic observed among these celebrities’ fans. These have considerable influence and very loyal fans, and projects can leverage this to launch memecoin projects with high potential.
Alvin Kan, COO of Bitget Wallet
Saga Mobile: Cryptocurrency adoption at your fingertips
The impact of memecoins is not limited to transactions. They also played a key role in the adoption of Solana’s mobile technologies.
Gokal mentioned the success of mobile crypto applications like StepN, precursors to the Saga Mobile device. By integrating blockchain into an accessible device, Solana has facilitated the use of cryptocurrencies, paving the way for mass adoption.
Saga Mobile’s initial launch was modest, but the resurgence of cryptocurrencies, combined with the popularity of memecoins, has been a game changer.
Sales exceeded 150,000 units, demonstrating that the combination of mobile and crypto technology is a winning strategy. Building on this success, Solana is already preparing the launch of a new model, scheduled for next year. This initiative marks another step towards the democratization of blockchain.
Fire Dancer: a revolution in transaction speed
To support this rapid growth, Solana is betting on technological innovation. Gokal announced the development of Fire Dancer, a new validation game designed to multiply transaction throughput by 1000.
With this initiative, Solana aims to achieve speeds of between 5,000 and 10,000 transactions per second (TPS), far exceeding the current 1,053 TPS.
Downsizing is a crucial issue to maintain Solana’s competitiveness. In theory, blockchain can reach speeds of 65,000 TPS, thanks to continuous improvements.
Meanwhile, the Jito team is working on a third set of validators focused on maximum extractable value (MEV), further optimizing the chain’s performance. These technological advancements strengthen Solana’s position as one of the best performing blockchains on the market.
Maximize your Cointribune experience with our “Read to Earn” program! Earn points for every article you read and access exclusive rewards. Sign up now and start earning benefits.
Click here to sign up to “Read to Earn” and turn your passion for cryptocurrencies into rewards!
Evans S.
Fascinated by bitcoin since 2017, Evariste has not stopped researching on the topic. If his main interest is in trading, the sage is desperate to discover all the advanced cryptocurrency centers. As an editor, he aspires to consistently provide high-quality work that reflects the state of the industry as a whole.
DISCLAIMER
The views, thoughts and opinions expressed in this article are solely those of the author and should not be relied upon as investment advice. Do your research before making any investment decisions.