%Solana based (CRYPTO: $SOL) meme coins have risen more than 30% in the last 24 hours as the %cryptocurrency market recovers from the sharp selloff seen earlier this week.
The price of Solana is currently at $152.79 U.S. per digital token, having risen 8% in the last day to claw back nearly all the losses it suffered earlier this week as stock and crypto markets plunged worldwide.
At the same time, the cat-themed token %Popcat (CRYPTO: $POPCAT) and dog-themed %Dogwifhat (CRYPTO: $WIF) that operate on Solana’s %Blockchain each rose more than 25% in the past 24 hours.
Other meme coins that operate on Solana’s network increased even more, with Mumu (MUMU) and Catdog (CATDOG) gaining 30% each.
The rise in prices come as Solana’s network volumes more than doubled to over $3.30 billion U.S. from a low of $1.50 billion U.S. seen on Aug. 5.
After falling as low as $112 U.S. amid the global market rout, Solana’s price has since led gains among major cryptocurrencies.
Sentiment towards Solana has risen on expectations that spot SOL exchange-traded funds (ETFs) will be approved by U.S. regulators within the next 12 to 18 months.
Fund managers including VanEck have filed paperwork with regulators to launch spot Solana ETFs.
Some analysts say spot Solana ETFs are likely after similar funds for %Bitcoin (CRYPTO: $BTC) and %Ethereum (CRYPTO: $ETH) were approved earlier this year.
Solana’s price has risen 565% in the last 12 months.
