Memecoins drove Solana buying and selling quantity surge previous Ethereum’s over the weekend.Now, one analyst expects it to achieve a brand new all-time excessive of $415.One analyst predicts Solana will attain a report $1,000 value after one other memecoin frenzy pushed its weekend buying and selling volumes greater than these of rival cryptocurrency Ethereum.Solana generated over $6.3 billion in whole buying and selling quantity on March 16 and 17 in comparison with Ethereum’s $4.4 billion, in line with DefiLlama.“Solana has successfully turn into the ‘individuals’s coin,’” with the potential to achieve $415, and at the same time as excessive as $1,000, Pav Hundal, lead market analyst at crypto alternate Swyftx, advised DL Information.An analogous rally on March 3 noticed greater buying and selling quantity on Solana than on Ethereum.Keep forward of the sport with our weekly newslettersThe cryptocurrency achieved an all-time excessive of $260 in November 2021.Memecoins are cryptocurrencies impressed by web jokes or memes.They usually turn into well-liked rapidly resulting from social media and celeb endorsements.The expectations round Solana is one other signal the bull market is gathering momentum.Be a part of the neighborhood to get our newest tales and updatesEven so, the Solana community continues to be haunted by repeated outages whereas Ethereum’s current Dencun improve is predicted to make the rival digital asset less expensive to make use of.This growth might turn into a drag on Solana and forestall it from overtaking Ethereum.Memecoin frenzySolana-based memecoins like dogwifhat, and Ethereum’s “very excessive gasoline charges” have catapulted exercise to greater ranges, Hundal stated.“The market is raining down liquidity on Solana in the meanwhile,” Hundal stated. “Ethereum has been delivered to heel by its personal gasoline charges and that this, in flip, [is] pushing customers into the Solana ecosystem.”Dex Screener, an analytics platform monitoring buying and selling on decentralised exchanges, confirmed that the highest 5 memecoins by quantity within the final 24 hours on Solana had been SLERF, SNAP, BOOK OF MEME, NOSTALGIA, and dogwifhat.Solana is up 103% from January 1 and is buying and selling at $208 on Monday morning, London time.The surge has pushed Solana previous Binance’s BNB token to changing into the fourth greatest cryptocurrency by whole worth, CoinGecko information reveals.Nonetheless, its whole market worth of $89 billion nonetheless trails the entire values of Tether, Ethereum and Bitcoin, which clock are $103 billion, $430 billion and $1.3 trillion respectively.Sebastian Sinclair is a markets correspondent for DL Information. Have a tip? Contact Seb at sebastian@dlnews.com.