Coins based on Solana have recently shown notable gains. This rally is happening while major cryptocurrencies like Bitcoin (BTC) are seeing an overall decline.
The combo has outperformed other cryptocurrencies. Hence, members of the cryptocurrency community are anticipating a bullish rally led by coins.
How the top Solana Meme coins have performed in the last 24 hours
Notably, Dojoifat (WIF), the largest meme coin on Solana based on market cap, rose 16.2% in the past 24 hours. Popcat (POPCAT) at 27.6%, Jeo Boden (BODEN) at 36%, Slerf (SLERF) at 14.2%, Wen (WEN) at 17.6%, and Maneki (MANEKI) at 16%.
These gains contrast with the broader cryptocurrency market, which is showing only a modest rebound. After falling below $57,000, Bitcoin has recovered slightly, and is currently trading at $57,600. Meanwhile, Solana’s meme segment saw its total market capitalization increase by 6.8%, which is now worth $6.9 billion.
Read More: 11 Best Solana Meme Coins to Watch in 2024
Cryptonary, a cryptocurrency analysis platform, highlighted the current market enthusiasm for memecoins.
“If the value of your crypto isn’t up at least 500% YTD or by double digits today, you’re using the wrong coins.” “The Memecoin super cycle is well underway,” Cryptonary posted, attaching a screenshot of the meme coins’ performance.
However, the meme currency narrative has its drawbacks. Recent investigations by ZachXBT revealed that 12 Solana-based meme coin projects have been abandoned, resulting in significant losses totaling $26.7 million.
Among these coins, the “LIKE” coin attracted nearly $7.8 million from investors before its value fell by more than 50%.
Earlier this week, there was another incident involving the meme coin, BONKKILLER, which ran a scam. Due to the “freezing power”, holders were unable to sell their tokens.
Hence, BONKKILLER claimed the market capitalization to be $327 trillion, which exceeds the combined GDP of each country. It is worth noting that more than 90% of currencies were controlled by their creator.
To complicate matters, a study by cybersecurity firm Blockaid found that at least 50% of pre-sale tokens on the Solana blockchain from November 2023 to February 2024 were malicious.
Read more: Cryptocurrency Scam Projects: How to Spot Fake Tokens
As the meme market continues to evolve, it serves as a clear reminder of the fine line between high rewards and high risk. Investors are advised to conduct due diligence and be cautious of the volatile nature of these digital assets. Although this market is promising, it requires careful scrutiny and an informed investment strategy.
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