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Solana Sees Major Price Surge as Meme Coin POPCAT Hits Record High, JITO Leads in TVL

Solana’s market momentum amidst broader crypto recovery

Following a volatile period in the cryptocurrency market, Solana (SOL) emerges as a standout performer with significant price gains, thanks to robust activity in its DeFi and meme coin sectors.

Key takeaways:

  • Solana price jumps nearly 10%, bolstered by strong performances of projects on its platform.
  • POPCAT, a Solana-based meme coin, surges to a new all-time high, exemplifying the growing interest in altcoins.
  • JITO leads with the highest Total Value Locked (TVL) among Solana protocols, indicating strong user confidence and participation.

In the wake of a marketwide flash crash that plunged Bitcoin to the $56,000 range, cryptocurrency enthusiasts are eyeing a recovery, potentially signaling the start of an altcoin season. Solana, in particular, has captured the market’s attention with its price soaring nearly 10%. This upsurge is attributed to the popularity of several projects on the Solana blockchain, which have consistently demonstrated significant success.

Rise of meme coins and TVL growth on Solana

The meme coin sector on Solana has seen varied leaders over time, with tokens like Dogwifhat (WIF) and Bonk Inu (BONK) previously capturing headlines. However, a new trend in cat-themed tokens is taking shape, with Solana-based Popcat (POPCAT) leading the charge. On Thursday, POPCAT achieved a remarkable 30% gain, pushing its price to a new all-time high of $0.6100 and elevating its market capitalization to over $577.58 million.

Simultaneously, Solana’s DeFi scene is witnessing significant developments, particularly with the Jito (JTO) protocol, which now boasts a Total Value Locked (TVL) of $1.43 billion. This marks an increase of over 12% in just 24 hours, according to DefiLlama data. Such a surge in TVL not only reflects heightened asset deposits and engagement within the JITO protocol but also underscores a growing user trust and an expanding ecosystem potentially ripe for higher returns.