Solana Surges Past $200 Amid Meme Coin Frenzy

Solana's SOL has surged past $200 for the first time since November 2021, driven by the meme coin frenzy and rapid network activity, surpassing its previous market cap high of $75 billion. Various metrics such as network volumes, active wallets, and fees have hit lifetime peaks, with the network amassing $3.2 million in fees over a 24-hour period. However, net inflows to the Solana blockchain have been negative, indicating a lack of significant new money entering the ecosystem, while sentiment data suggests that retail traders have been driving the network activity.