Solana Achieves Record Onchain Metrics Driven by AI Bots
For the past six months, Solana’s onchain volume has fluctuated with memecoin trends, recently experiencing significant growth.
Solana’s onchain metrics have reached unprecedented levels, surpassing those seen during this summer’s memecoin mania. The current upswing is driven by AI bots, which have attracted trader interest and provided a sense of meaning to memecoins.
Solana's real economic value (REV) has achieved new highs for four consecutive days, totaling $36 million last week. This week's REV was $11 million on Thursday alone, indicating potential for a new record.
Nearly 78% of Solana DEX volume last week was related to memecoins, according to Blockworks Research, marking an all-time high in memecoin activity.
Solana's price reached an all-time high relative to ether, hitting 7% of ETH’s price for the first time. This surge has been influenced by the notable story of Goatseus Maximum, a memecoin promoted by an AI bot named truth_terminal.
The viral nature of this narrative has contributed to a market capitalization exceeding $730 million for the token, with the bot's wallet holding over $2.7 million in crypto, primarily from memecoin airdrops.
GOAT has inspired a wave of similar tokens. On Thursday evening, all top eight trending tokens on DEX Screener were AI-related, many claiming ties to “AI agents.”
This year, memecoins often drew inspiration from humorous images or public figures. However, the current phase suggests traders perceive a more serious aspect at play, as noted by a viral X thread that described truth_terminal as “the birth of an entirely new category of coins/money.”
Miko Matsumura from gumi Cryptos Capital characterized it as “a new species of digital organism.” Despite this enthusiasm, the actual significance of AI agents remains unclear, with some suggesting they may simply be a rebranding of chatbots.
Memecoins now claim to represent something tangible, which could be driving Solana metrics to unprecedented heights. An anonymous account remarked that while “Memecoins are a meaningless casino” lacks appeal, the notion of “discovering a new frontier in AI” holds greater allure.