After several days of steep declines, the value of Solana memecoins is rebounding alongside other cryptocurrencies. Over the weekend, investor confidence took a hit due to pessimistic economic news. Nevertheless, crypto assets and memecoins have experienced growth during this week.
Solana’s memcoin prices have jumped 28% recently due to increased crypto investments, causing heightened on-chain transactions and exchange trades. The market value of these memcoins currently amounts to $6.6 billion, with a trading volume of $1.8 billion. This price spike has sparked debate about the potential cost of tokens prior to Bitcoin‘s halving event.
Solana Memecoins Frenzy?
The market’s recent upward trend resembles the initial spike in numbers at the beginning of the year, infamously known as the memecoin craze. Specifically, assets such as Dogecoin and BONK have experienced gains of 11.5% and 7.1%, respectively. However, their weekly performance remains negative, with losses amounting to 28.5% for Dogecoin and 31.6% for BONK in the past 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.
After the market decline, MEW experienced a significant rise of nearly 91%, placing it among the leading tokens for growth. Similarly, other Solana memcoins such as MYRO, Catcoin, and Popcat have also followed the market trend. Notably, WolfWifBallz has taken the lead with an impressive surge of over 132.9% today, accompanied by a substantial increase in trading activity.
Ansem’s Cat and MEW experienced impressive growth of over 112%, outpacing several other coins in the Solana memecoin market. This surge is part of a larger trend within the ecosystem, as many top coins recovered today following significant price drops.
Will it Sustain?
Over the weekend, there were significant withdrawals of memecoins on the Solana network. These withdrawals can be attributed to broader economic issues and increasing geopolitical concerns. As a result, Bitcoin and other alternative coins experienced a surge in outflows, causing substantial losses through liquidations for traders.
If the price of memecoins continues to rise, it will likely keep gaining steam as long as positive influences remain. At the same time, a surge in Bitcoin’s value can trigger increased investments in memecoins due to heightened market enthusiasm. As Bitcoin recovers and surpasses $66,000, experts predict that memecoins will experience a rebound in the near future.
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2024-04-15 18:13