Solana's TVL Surges 24% Despite 60% Token Price Drop
2min read Solana has maintained its position as the second-largest blockchain network in terms of Total Value Locked (TVL), despite a significant decline in the price of its native token, SOL. In April, Solana's TVL reached its highest level since June 2022, indicating strong investor confidence in the Solana ecosystem. This surge in TVL can be attributed to the network's integrated Web3 user experience and emphasis on base layer scalability, which has attracted more deposits and held its market share at 24%, just behind Ethereum's 26%.
Ask Aime: What's driving Solana's recent TVL growth, and how does it compare to Ethereum?
Solana's price has fallen by more than 60% since mid-January, reaching around $120 after testing its support level of $113 twice. The recent decline can be attributed to the unlocking event on April 4th, where 1.79 million staked tokens became available for trading, leading to significant selling pressure. Despite this, Solana has shown resilience in choppy waters, with deposits on the network increasing by 14% month-on-month to 53.8 million SOL. The network has also maintained strong DEX volumes, holding a market share of 24% against competitors like tron, BNB Chain, Arbitrum, and Base.
Solana's recent performance has presented an opportunity for investors to enter the market at lower prices. The influx of funds into Solana is a testament to investors' trust in the network and its potential for future growth. With the fundamentals growing stronger, it is expected that the prices will push up in the near future. For those looking to capitalize on Solana's rise, several meme coins have emerged as top contenders.
Solaxy ($SOLX) is one of the top meme coins to watch, as it aims to improve Solana's infrastructure by building the first-ever Layer 2 scaling protocol on the network. Solaxy plans to process a significant portion of Solana's transactions on a sidechain, reducing the weight on the mainnet and creating a more efficient meme coin infrastructure. Early buyers of $SOLX can stake their tokens and earn 139% in staking rewards. Solaxy is currently in presale, having amassed $29.2 million so far, with each token priced at $0.001686.
BTC Bull Token ($BTCBULL) is another promising meme coin, particularly for Bitcoin maximalists. $BTCBULL offers free Bitcoin as rewards to its token holders, setting it apart from other meme coins that typically offer ecosystem benefits or more of their own tokens as loyalty rewards. The developers have reserved 40% of the total token supply for marketing purposes and have planned regular token burn events to ensure $BTCBULL remains among the top trending cryptos. Currently in the early stages of its presale, BTC Bull Token has raised over $4.4 million, with each token priced at $0.00245.
Fartcoin ($FARTCOIN) is a community-backed meme coin that has gained significant popularity, with a 66% increase in the last month and an astonishing 919,000% gain since its launch in October last year. The project rewards users with free $FARTCOIN tokens for submitting hilarious fart jokes and plays an amusing fart sound with every transaction. Currently trading at $0.4599, $FARTCOIN has shown signs of recovery from its February crash and is considered one of the best cheap cryptos to buy right now.
In conclusion, Solana's rising TVL and strong fundamentals make it an attractive investment opportunity. However, it is important to note that the market, including the best altcoins, guarantees nothing. Therefore, it is recommended to invest only a small amount and conduct thorough research and due diligence before becoming a crypto investor. 
