Solana Q1 outperforms with 97% increase in market capitalization

Solana, the fifth-largest cryptocurrency by market capitalization, had a stellar first quarter of the year. A Q1 report released by on-chain analytics firm Messari details this growth. According to Messari's State of Solana Q1 2024 report, Solana's average daily spot DEX trading volume grew by a staggering 319% to $1.5 billion in the last quarter, with DeFi trading volume also increasing. Meme coin trading accounted for the majority of the DEX volume growth. The first quarter of the year saw an increase in ecosystem activity on Solana, leading to new project launches and increased developer interest. After SOL and stablecoin pairs, SLERF-SOL and WIF -SOL ranked fourth and fifth in terms of token pair trading volume in Q1. SLERF and BOME pairs ranked seventh in terms of trading volume. Other Meme coins ranked in the top 15 in terms of volume include BONK and WEN.Telegram bots have become a popular place for retail consumers to transact, with the Solana Telegram bot's average daily number of active addresses growing 573% quarter-over-quarter to 45,000.Telegram bots accounted for approximately 5% of total quarterly transaction volume, more than more than doubled. Solana's stablecoin market capitalization grew 55% QoQ to $2.8 billion after growing 21% in Q4, ranking it fifth among all networks. usdc was the sole driver of growth, with its market capitalization in Solana growing 111% QoQ to $2.0 billion. solana is now the second-largest total usdc on any network, behind ethereum. Solana DeFi TVL grew 232% QoQ to $4.9 billion, ranking it fourth on the network.SOL remains the market leader after its Q4'23 breakout. It maintains its position as the fifth most valuable token on the market behind BTC, ETH, USDT and BNB.SOL's market capitalization remains at an all-time high, peaking at $77 billion in the last cycle.Solana ended Q1'2024 with a market capitalization of $86.4 billion, an increase of 97% from the previous quarter. At the time of writing, SOL has fallen 6.56% in the last 24 hours to $175, down 32% from its all-time high of $260 reached in November 2021.SOL's market capitalization is still at its all-time high, having peaked at $77 billion in the last cycle.