Solana Memecoins Jump 28%: Will it Sustain?
Solana memecoins are on an uphill drive with the wider market after days of huge sell-offs. The weekend saw plunging investor sentiment as bearish macroeconomic factors filled industry narratives. However, crypto assets and memecoins have notched gains this week.
Solana memecoins are up 28% amid new inflows in crypto assets boosting on-chain activities and centralized exchange trading volumes. At press time, the market capitalization of Solana memecoins stood at $6.6 billion with a $1.8 billion trading volume. This new surge has led to speculations on the price of tokens before the Bitcoin halving.
Solana Memecoins Frenzy?
The market uptick is similar to increasing numbers at the start of the year which was labeled the memecoin frenzy. Assets like dogwifhat and BONK have surged 11.5% and 7.1% respectively although weekly figures are still in the red zone. Both assets lost 28.5% and 31.6% respectively last week.
BODEN, the token themed after the US President picked up 11% and trades at $0.7548 adding to its over 500% monthly gains. MEW, SLERF, and WEN posted 91.3%, 22%, and 27% hikes in the last 24 hours.
MEW’s 91% increase ranks it among the top gainers after the market downturn. Other Solana memecoins like MYRO, Catcoin, and Popcat also trade in the direction of the market. WolfWifBallz sits on top of gainers after recording 132.9% today amid increased trading volumes.
Ansem’s Cat and MEW come in next as the former notched 112% growth above several coins in the market. These gains in Solana memecoins are in the wider ecosystem with top coins recovering today after huge sell-offs.
Will it Sustain?
Solana memecoins recording outflows this weekend sparked by macroeconomic factors and heightened geopolitical tensions. This led to outflow from Bitcoin and altcoins as traders recorded huge liquidations.
The upswing in the memecoin market will maintain momentum if bullish factors are present. Similarly, a bull run in Bitcoin’s price leads to renewed inflows to memecoins due to increased market sentiments. As Bitcoin price recovers above $66,000, analysts expect a rally around memecoins at least in the near term.
Also Read: Top Reasons Why AI Cryptocurrencies Will Dominate The Market Next
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