fading its price went parabolic as demand for meme coins increased. The token rose for three consecutive days in a high-volume environment. It rose as high as $0.0798, which is approximately 9.645% above its low point this year. This makes it one of the best-performing cryptocurrencies on the market, worth over $45 million.
Solama’s performance takes place in an extremely high-volume environment. Data compiled by CoinGecko shows that volume in the last 24 hours has reached over $7.3 million. Volume rose to $3.2 million on Thursday and $1.2 million on Wednesday. This is a significant jump considering its volume was less than 700 thousand a few days ago.
Solama’s jump is mostly meme coinIt stems from the ongoing demand for . Data shows that the total market cap of all meme coins has reached over $60 billion. The biggest of these meme coins are Dogecoin, Shiba Inu and Pepe.
Crypto A major theme in the industry shows that there is strong demand for Solana-based meme coins. Dogwifhat has a market value of over $2.1 billion, while Bonk, Myro and Wen have a market value of over $322 million.
Therefore, with Solama’s price rising, there is a possibility that it could become the next big thing in the industry.
According to its website, Solama aims to become the official mascot of the Solana ecosystem, just like the Shiba Inu is the dog coin of the Ethereum network.
The main risk for the SOLAMA token for now is that the token is grossly overbought. The Relative Strength Index (RSI) and Stochastic Oscillator have almost reached 100. This is a sign that the token may lose momentum in the near term. This means the token will pull back and then bounce back in the long run as the meme coin craze continues.
