Solana's continued price rise recently remains propelled by memecoin trading on its network, according to the founder of a decentralized exhange. 

Zeta Markets Founder Tristan Frizza said the increase in the token's value is mostly driven by an increase in the Solana network's memecoin trading activity. "Memecoins have certainly become a significant driver of activity on Solana. Beyond speculation, this showcases Solana’s ability to handle high transaction volumes with low fees, making it the perfect environment for retail users." Frizza told The Block.

To illustrate this, Frizza pointed to on-chain metrics such Solana’s total value locked (TVL) having surpassed $4.9 billion. "This indicates robust network activity, and the number of active users has also been constantly growing, …