SOL and BOME garnered significant attention from the crowd over the weekend, as per data compiled by Santiment. These cryptocurrencies have notably surpassed ETH, BTC, and the broader market performance over the past seven days. The heightened buzz within the community could indicate a forthcoming surge in retail investor activity.
Solana’s SOL and The Book of Meme (BOME), a meme coin built on the Solana network, emerged as the top two trending tokens across various crypto social media platforms during the weekend, based on data analyzed by Santiment. According to Santiment’s market insights post, the surge in interest stems from their recent outperformance in the market, with Solana and associated meme coins increasingly seen as viable alternatives to Ethereum-based projects.
SOL’s price has seen a remarkable 45% surge over the past seven days, reaching highs exceeding $200 for the first time since December 2021, as reported by CoinDesk data. Meanwhile, The Book of Meme (BOME) has witnessed an impressive 82% surge since its launch on March 10, further bolstered by its listing on Binance with perpetual futures trading introduced on March 16.
Despite the successful implementation of the Dencun upgrade, Ether (ETH), the native token of the leading smart contract blockchain, has experienced a 6.3% decline to $3,640. In contrast, bitcoin (BTC) has maintained stability around $68,670, while the broader CoinDesk 20 Index has shown a modest 0.7% gain.
Solana’s exceptional rally aligns with the revived interest in its DeFi ecosystem. Data from Top Ledger and OurNetwork reveals that decentralized exchanges built on Solana have witnessed a staggering $30 billion trading volume this month, marking a tenfold increase compared to the same period last year.
The number of mentions of “SOL” on social media platforms has surged to 322, according to Santiment. A similar uptick in late December coincided with the cryptocurrency reaching its peak of $125 before undergoing a correction to $85.
At the time of writing, Google Trends indicates a provisional value of 100 for the worldwide search query “solana,” suggesting peak popularity. Such heightened search activity often indicates increasing interest among retail investors, reminiscent of previous peaks observed during SOL’s bull market in late 2021.
The surge in crowd chatter is commonly interpreted as a precursor to a retail investor frenzy frequently observed at market peaks. Google Trends data from late 2021 exhibited similar values as SOL’s bull market surged above $200.
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