Solana’s SOL token has surpassed the $200 mark for the first time since November 2021 as network activity continues to soar following the meme coin frenzy.

As it stands, SOL is now just 22% shy of its all-time high of $260, but has already exceeded its record market capitalisation of $75 billion, according to CoinGecko data, as new tokens joined the market over the last year.

Several metrics, including active wallets, network volumes, fees, total value locked (TVL) and SOL’s market cap all topped all-time highs over the weekend, fuelled by soaring presale activity, CoinDesk reports.

Within a period of 24 hours, the network accumulated $3.2 million in fees, surpassing the record from 2021 of $300,000. In addition, on-chain volumes rose over $3 billion, beating the $300 million record from November 2022.

Nevertheless, over the past week, net inflows to the Solana blockchain have been negative, indicating there may not have been a notable surge of fresh capital entering the ecosystem.

Furthermore, sentiment data suggests that the activity on the Solana network has probably been driven by retail traders who have been pursuing recently emerged meme coins and presales that appeared on the network over the weekend.

Meanwhile, the TVL on the Solana network is at a two-year top of around $4 billion. “In 2023, Solana DeFi was declared dead. Since then, its TVL is up 18x. And yesterday, Solana just flipped Ethereum in daily stablecoin transfer volume. That’s quite a turnaround,” said prominent crypto influencer Lark Davis.

During the Asian trade on Monday, SOL was trading at $202, a 10% rise since Sunday, and the CoinDesk report goes on to add.

Elsewhere, the world’s largest crypto by market cap, Bitcoin was trading near the $68,000 mark at the time of writing, whilst Ether, the second largest, stood at $3,579.