As a seasoned crypto investor with a knack for spotting trends and identifying undervalued assets, I find myself intrigued by the recent surge of Solana-based meme coins like Dogwifhat (WIF), Bonk, and Pepe Coin. Having navigated through several market cycles, I’ve learned to keep a keen eye on October, traditionally known as “Uptober” in the crypto world.
Solana-based meme coins dogwifhat
WIF
$2.44
24h volatility:
-1.1%
Market cap:
$2.45 B
Vol. 24h:
$1.26 B
, Bonk
BONK
$0.0000
24h volatility:
-3.2%
Market cap:
$1.70 B
Vol. 24h:
$746.56 M
, and Pepe Coin
PEPE
$0.0000
24h volatility:
-2.3%
Market cap:
$4.55 B
Vol. 24h:
$2.02 B
kicked off October with notable price rallies, setting the stage for what crypto traders refer to as “Uptober”, a month historically known for bullish trends in the market.
Information from CoinMarketCap indicates that following a slow September, these three meme coins made a notable comeback in October. By October 1st, BONK emerged as one of the top gainers, boasting an impressive 11% increase over the past 24 hours. WIF wasn’t far behind with a 10% surge, while PEPE saw a more conservative growth of 6% during the same time frame.
Solana Beats Ethereum in Transaction Volume
The surge in value for Solana-based meme coins coincides with growing enthusiasm in the market about Solana’s ecosystem and its growing selection of meme tokens. Last week, analysts from MarketVector, a research division of asset management firm VanEck, forecasted that Solana (SOL) could potentially take up half of Ethereum’s current market share.
Ethereum
ETH
$2 562
24h volatility:
-2.1%
Market cap:
$307.89 B
Vol. 24h:
$17.96 B
, currently the second-largest blockchain after Bitcoin
BTC
$62 625
24h volatility:
-2.0%
Market cap:
$1.23 T
Vol. 24h:
$36.38 B
, boasts a market cap of $316 billion. However, analysts highlighted that Solana outperforms Ethereum in several key metrics, including transaction volume and user activity. Solana processes 3,000% more transactions and records 1,300% more daily active users than Ethereum.
Although Solana’s current market capitalization is only about a fifth (22%) of Ethereum’s worth at present, analysts predict that increased attention towards Solana-related meme coins may propel its value to potentially claim around half of the total market cap in the future.
Meme Coins on the Rise
Over the last seven days, I’ve noticed a surge in popularity for meme coins like WIF, fueled by an energetic online community that has been instrumental in increasing the token’s presence within the wider Solana network. In fact, WIF’s price soared by around 40% during this timeframe.
In a similar fashion, BONK, which had been declining, experienced a revival, garnering fresh interest because of its decentralized and community-oriented structure. As per CoinMarketCap, BONK surged by 45% within a single week.
Despite trailing slightly behind other coins, Pepe managed to surge by 35% within the same period.
In the realm of political meme coins, there’s been quite a buzz. The total market value has increased by approximately 6% within the last day, reaching an impressive $6 million. Leading this surge was Trog the Trump Frog (TROG), which experienced a significant jump of 40%. Other coins themed around Trump, like MAGA and MAGA AGAIN, also saw gains, with MAGA rising by 17% and MAGA AGAIN increasing by 25%, respectively. Here’s a quick snapshot:
Various coin types, such as those based on cats for memes, have experienced noteworthy growth, with a rise of approximately 10% over the last 24 hours.
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2024-10-01 17:46