Google Trends data from March 18 shows that more retail investors than ever before are searching for the term “Solana” on their mobile phones or other gadgets, such as tablets or desktop computers – this comes as SOL price hits $200 and Solana market cap surges to new all-time high amid surge in Solana meme coins.
Interest in the high-speed and scalable blockchain is at a five-year high, and this coincides with Solana’s native currency SOL hitting a new-all-time high market cap ($90Bn) following a major uptick in activity due to meme coins.
Google Trends data is often seen as a gauge of retail investor interest – in crypto, a surge in searches for a particular token or project can accompany a price increase.
Uncovering The Search Trends: Are Retailers Flowing To Solana?
This interest suggests that investors are actively researching possible entry points in anticipation of more price gains, making Google Trends a potentially valuable tool for predicting investment trends.
Solana prices are rising at the back of solid confirmations that more people are curious to learn more about the smart contract platform, which confirms the effectiveness of Google Trends as a sentiment analysis tool.
Solana competes with Ethereum. However, unlike the first smart contract blockchain, it is more scalable and offers cheaper transaction or “gas” fees. Because of these features, more users have been keen to launch their solutions on the platform.
Solana Meme Coin Boom: Ethereum’s Market Position Under Threat
Over the weekend, Solana surpassed Ethereum in daily network activity, this uptick was fueled by the popularity of meme coins like Book of Meme (BOME), which launched on the network.
BOME, a meme coin, soared to command a market cap of over $1.45 billion in a few trading days. When writing, BOME has a market cap of $739 million, down 12.15% in the past 24 hours.
As SOL price edges higher, and Solana meme coins soar to record highs, one analyst notes that meme coin projects crowdfunding and planning to deploy on Solana had received over $100 million by the weekend.
One hundred million dollars ($100M)
Sent to memecoin presales in the last 48 hours, on Solana
Can't believe we've reached such high levels of degeneracy this fast
It's not the way I wanted it to be, but this makes SOL price targets a lot higher than expected
— Gumshoe (@0xGumshoe) March 17, 2024
Although expressing reservations about the speculative nature of Solana meme coins, the analyst acknowledged their potential impact on upside price movements – arguing that because of the current frenzied appetite in the market, he expects SOL prices to continue rising and to much higher levels than previously anticipated.
SOL prices peaked at around $259.96 in 2021 before crashing in 2022, and the current price on March 18 stands at $200.44.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
