In the fast-paced world of cryptocurrency, a new meme coin has emerged within the Solana (SOL) network, creating seismic ripples across the industry.
Despite the transient nature of meme coins in the limelight, these assets continue to captivate investors with their potential for extraordinary gains.
Surge of Solana Meme Coins
A notable player in this space, Dogecoin (not to be confused with the original DOGE), witnessed a staggering surge in value, skyrocketing an astounding 1,401,490% in a single day. However, as of the latest update, it has retraced back to its previous levels.
DEXtools data reveals Dogecoin’s current market capitalization at $86,160, with liquidity at $25,530 and a 24-hour trading volume of $60,000.
The surge of Dogecoin on Solana aligns with a broader uptrend in the ecosystem. Nonetheless, potential investors are advised to approach with caution, given Dogecoin’s relatively low liquidity. Low liquidity introduces increased volatility, presenting challenges for traders seeking to enter or exit positions.
Another meme coin making waves on the Solana blockchain is Dogwifhat (WIF), which has experienced an unprecedented surge, catapulting by over 25% in the past 24 hours alone. This surge has generated significant excitement within the crypto community.
WIF’s remarkable ascent coincides with the broader uptrend in the crypto market, fueled by Bitcoin breaching the $50,000 threshold and the onset of what many refer to as the altcoin season. However, the surge in WIF’s price is attributed to an unexpected source—the iconic basketball player LeBron James and his choice of outfit.
LeBron unintentionally influenced Dogwifhat’s surge by wearing a hat resembling the Dogwifhat meme after a game. This seemingly simple act sparked a wave of memes, speculation, and discussions among the crypto community, even in the absence of any comments or endorsements from LeBron himself.
“LeBron singlehandedly pumped $WIF to $0.40 today. We’re so back,” a pseudonymous X user Clemente said.Clemente (X User)
In addition to Dogwifhat, Smog (SMOG), another Solana-based meme coin, has surged by over 2,500% within just one week. The dynamic landscape of meme coins on Solana continues to capture the attention of investors as the crypto market experiences these rapid and fascinating developments.
I am Pawan Kashyap currently living in Amritsar. I always try to grab new things from the cryptocurrency market. From my observations and trends in the market, I always try to provide the best and accurate information in the form of articles from this blog. Follow us on Facebook, Instagram, and Twitter to join us.