In the past 48 hours, coins related to cats and the Solana blockchain experienced inflows due to optimistic Bitcoin halving news and a shift from a previous downtrend. Some of these assets have surged by more than 100% this week, while others saw outflows.
In Q1 2024, memecoins on the Solana blockchain gained significant attention and fueled buzz, with on-chain activities significantly impacting token prices and offsetting previous losses. While the meme coin craze has since subsided, similar intense periods continue to recur.
Bull Cycle and Institutional Flows Boost Tokens
The total value of all Solana meme coins on the market is around $7 billion, while approximately $1.3 billion worth of these coins have been traded over the past day.
The cost of assets and institutional investments in Solana’s new iOS are significant indicators that could fuel a price surge. These elements can rekindle enthusiasm for memecoins during bull markets. Institutional investment in Solana is noteworthy because the previous year’s asset expansion was largely driven by finance industry shifts towards it.
While Solana-themed memecoins are more widely known, certain cat-themed tokens have surprisingly outperformed many Solana coins recently, gaining an impressive 5.8% in just one day and reaching a market capitalization of $1.7 billion as of now.
Top Cat-themed and Solana Memecoins
In the past day, Popcat has seen a significant increase of more than 25%, which bumps up its weekly growth to an impressive 226%. Meanwhile, gmeow takes the crown for the most substantial daily gain at 121%. Batcat and Bingus the cat also experienced notable progress with weekly growth of 168.6% and 57.2% respectively.
Many popular memcoins based on cats are currently found in the Solana blockchain, demonstrating a connection in their trading behaviors. This suggests that people are more drawn to cat-themed tokens than others at this time, following the Bitcoin halving event. The Bitcoin halving led to increased market excitement and upward trends for various crypto assets.
Miners’ movement before the halving also led to renewed optimism in the cryptocurrency market.
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2024-04-23 17:21