Crypto: The surprising impact of memecoins on Solana's growth

Solana has carved out a prime spot in the crypto sphere, particularly thanks to an unexpected feature: memecoins. These digital tokens, often considered jokes, turn out to be powerful tools for engagement and growth. Raj Gokal, co-founder of Solana, affirmed this at the Consensus conference: user demand for memecoins is a key lever to attract new participants.

Memecoins: Catalysts for Growth

Memecoins are not just gimmicks. They have become social and economic phenomena, propelling Solana into the spotlight.

According to Gokal, the popularity of these tokens is primarily fueled by user demand. By offering a fun and engaging way to participate in the crypto universe, memecoins intuitively onboard newcomers.

This dynamic has significantly increased activity on the chain, making Solana the blockchain of choice for speculation on these tokens.

Solana didn’t stop there. The blockchain capitalized on this frenzy by enhancing its transactional capabilities. Currently, Solana is capable of processing thousands, if not millions, of memecoin-related transactions.

Moreover, Alvin Kan, COO of Bitget Wallet reports:

The volatility of memecoin prices reflects the highly speculative nature typically present in the cryptocurrency market, which depends largely on market sentiment. Additionally, early traders who quickly take profits can trigger rapid massive sales, intensifying price drops if liquidity is insufficient and market selling pressure increases. Nevertheless, I believe memecoins are a trend that could continue. They thrive mainly through community consensus, echoing the dynamic observed among fans of these celebrities. These have considerable influence and very loyal fans, and projects can leverage this to launch memecoin projects with high potential.

Alvin Kan, COO of Bitget Wallet

Saga Mobile: Crypto Adoption at Your Fingertips

The impact of memecoins is not limited to transactions. They have also played a key role in the adoption of Solana’s mobile technologies.

Gokal mentioned the success of mobile crypto applications like StepN, forerunners of the Saga Mobile device. By integrating the blockchain into an accessible device, Solana has facilitated the use of cryptocurrencies, paving the way for mass adoption.

The initial launch of Saga Mobile was modest, but the resurgence of cryptocurrencies, coupled with the popularity of memecoins, has changed the game.

Sales surpassed 150,000 units, demonstrating that the combination of mobile technology and crypto is a winning strategy. Building on this success, Solana is already preparing the launch of a new model, scheduled for next year. This initiative marks another step towards the democratization of blockchain.

Fire Dancer: A Revolution in Transaction Speed

To support this rapid growth, Solana is betting on technological innovation. Gokal announced the development of Fire Dancer, a new validator game designed to multiply transaction throughput by 1000.

With this initiative, Solana aims to achieve speeds of 5,000 to 10,000 transactions per second (TPS), far exceeding the current 1,053 TPS.

Scaling is a crucial issue to maintain Solana’s competitiveness. In theory, the blockchain can reach speeds of 65,000 TPS, thanks to continuous improvements.

Meanwhile, the Jito team is working on a third set of validators focused on maximum extractable value (MEV), further optimizing chain performance. These technological advances bolster Solana’s position as one of the most high-performing blockchains on the market.