Recently, Solana-based meme coins have witnessed a boom in the market. Dogwifhat (WIF) price saw a rise of more than 100 percent in a week. Now a different Solana meme coin wind is blowing. Famous misspelled meme coins such as Jeo Boden, Danold Tromp and Olen Mosk have soared in price.
These Solana-based meme coins are on the rise!
cryptokoin.comAs you’ve been following from , the overall meme ecoin market has been on a massive upswing lately, with popular tokens like dogwifhat (WIF), Pepe Coin (PEPE), and Bonk Inu (BONK) rising significantly over the past few weeks. At Solana, this energy has now begun to expand into a new class of famous tokens with funny names.
Still in their early days, these meme coins have seen some rapid increases in price. Jeo Boden reached a market cap of $49 million in just three days. Moreover, the token price increased by nearly 12,000%. This comes ahead of Biden’s State of the Union Address on March 7.
However, while some traders are making huge profits on paper from these meme coins, there is not a huge amount of liquidity available to realize them. For example, Boden has only $250,000 in liquidity. Another meme coin, Danold Tromp, has a liquidity of only $75,000.
Why do developers choose Solana?
Nansen Data Journalist Martin Lee cites low transaction fees on Solana as a driver of recent purchasing activity. Lee said, “Solana is a low-cost blockchain. This creates a much friendlier environment for traders moving along the risk curve. “Also, placing extremely small bets on highly speculative assets is a popular strategy when gas fees are just a few cents,” he said.
Martin Lee added that the higher the price of the crypto majors, the further out of the risk curve some traders tend to move. Lee said, “Prices of crypto majors such as Bitcoin, Ethereum, and Solana rebounded quickly. Therefore, market confidence remains high. “Also, traders are looking for bigger gains,” he added.
Meme coin market value is falling
Despite the interest in this new class of meme coins on Solana and rising prices in the previous weeks, the overall meme coin market cap has decreased by over 4% in the last 24 hours, falling to a total value of $54.4 billion. During the same period, global cryptocurrency market value increased by 0.7%, reaching $2.64 trillion. According to CoinGecko data, Bitcoin dominance is 49.8%. Ethereum dominance is at 17.2%.
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