In an extraordinary display of market dynamics, Solana-based memecoins experienced a notable surge exceeding 30% over the past 24 hours, leading the charge in the crypto market as Solana’s native token, SOL, rebounded significantly from early-week losses.

Within the whimsical realm of Solana’s memecoins, cat-themed popcat (POPCAT) and canine-inspired dogwifhat (WIF) each soared by 25%, before experiencing a slight pullback. Concurrently, lesser-known tokens such as MUMU and catdog (CATDOG) ascended by 30%, according to market data. In stark contrast, major memecoins on alternative blockchains, such as dogecoin (DOGE) and pepe (PEPE), depreciated by up to 5%, reflecting a marked preference for Solana-based assets.

The transactional volume on the Solana network more than doubled, soaring from Monday’s $1.5 billion to over $3.3 billion, accruing daily fees of at least $750,000, as reported by DefiLlama. Fees generated by Pump, a renowned platform for launching new memecoins on Solana, surged to $535,000 in the past day, compared to less than $300,000 on Monday, indicative of heightened trader engagement and risk-on sentiment.

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This fervent ecosystem activity coincided with SOL’s 7.5% appreciation, trading above $150 during European morning hours on Wednesday, significantly outpacing the CoinDesk 20’s broad-based 2.23% rise. SOL, which had plummeted from $145 to a nadir of $112 on Monday amidst a broader market decline, has since spearheaded the recovery among major cryptocurrencies.

Optimism surrounding the Solana ecosystem is further buoyed by anticipation of a widely expected SOL exchange-traded fund (ETF), potentially becoming the third spot token available to professional U.S.-based investors, following bitcoin (BTC) and ether (ETH).

“The prospect of a SOL ETF signifies promising signals for investors, highlighting SOL’s mainstream adoption,” commented Lucy Hu, a senior analyst at Metalpha, in a Telegram chat with CoinDesk. “SOL’s rapid recovery indicates renewed confidence in the broader cryptocurrency market as it stabilizes.”

“SOL has demonstrated resilience through its innovations, and the rising popularity of meme coins underscores this trend,” Hu elaborated.

In early July, the Chicago Board Options Exchange (CBOE) submitted 19b-4 filings with the Securities and Exchange Commission (SEC), seeking to list VanEck’s and 21Shares’ prospective spot Solana ETFs, initially filed in late June. This move underscores the growing institutional interest and potential mainstream acceptance of Solana within the financial markets.

This comprehensive overview encapsulates the volatile yet dynamic nature of the cryptocurrency landscape, where Solana-based memecoins and SOL continue to capture investor interest and drive market activity.