Solana Gains Ground Thanks to Popularity of AI Memecoins

Date: 2024-11-11 Author: Oliver Abernathy Categories: CRYPTO PAYMENTS
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A new trend in the cryptocurrency market is the creation and promotion of AI-powered memecoins. This approach has led to a surge in the number of active users on the Solana network, as many of these memecoins have been launched through the Pump.fun platform, which is built on top of the blockchain network.

According to a report from OKX Ventures, the combined market cap of AI memecoins has already exceeded $2 billion, and their average trading volume has increased more than fivefold over the past year. Notably, the hype began after the success of the GOAT token. Its creators used AI to quickly react to market changes, actively promoting the token through AI-powered social media, which has significantly increased interest in the project.

The Terminal of Truths account on the X network (formerly known as Twitter) played a special role in popularizing the GOAT token. This account, also run by artificial intelligence, gained widespread support from X users after a16z venture capital fund founder Marc Andreessen allocated it $50,000 in August. Thanks to this, Terminal of Truths became a successful channel for promoting AI-generated content and attracted the attention of the crypto community.

The OKX Ventures report notes that the popularity of projects like Terminals of Truth and GOAT has given rise to new forms of using AI to create memes and speculative behavior in the market. As a result, daily transactions on the Solana network exceeded 4.5 million, and the number of active users per day reached 6.9 million.

OKX Ventures analysts also highlight the overall positive atmosphere in the crypto market associated with the US Federal Reserve’s interest rate cut cycle. This process is likely to support the recovery of crypto lending and stimulate activity on the Ethereum network. In addition, the upcoming Pectra update promises to improve the functionality, security, and efficiency of the Ethereum network, which will further support interest in cryptocurrency projects.
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