🌎 Solana’s Memecoin Craze Boosts SOL Prices Amid Blockchain Debates

Solana co-founder Raj Gokal informed Consensus attendees that user demand is the driving force behind the popularity of memecoins, providing a fun way to attract new participants.

Solana (SOL) has become a preferred blockchain for memecoin speculation. The increased on-chain activity has positively impacted SOL prices, but it has also sparked debates regarding the chain’s role within the blockchain ecosystem.

CoinGecko reported that Solana is the fastest blockchain, processing thousands to millions of memecoin transactions. However, developers have taken advantage of several users through SOL memecoins, and celebrities are now endorsing these projects, further fueling the craze. “We didn’t do anything to make that happen. It’s just a thing to do,” said Gokal on the final day of Consensus 2024.

According to Gokal, the rise of mobile crypto apps like StepN in 2021/2022 was a precursor for the Saga Mobile device. By placing blockchain operability and crypto utility in users’ hands, it offered a new way to drive mass adoption. Saga Mobile initially saw lackluster sales, but the resurgence of crypto last year, combined with the ongoing memecoin mania, boosted sales beyond 150,000 units. Gokal mentioned that the next device is in development and expected to launch next year.

Gokal also confirmed work on a second validator client set called Fire Dancer. This initiative aims to increase Solana’s transaction throughput up to 1,000 times, enhancing speeds to 5,000 – 10,000 transactions per second (TPS). Currently, Solana achieves up to 1,053 TPS, but its theoretical speed could reach 65,000 TPS with scaling and upgrades. The team behind the staking protocol Jito is also developing a third validator set focused on Maximal Extractable Value (MEV).