Solana’s meme coin ecosystem is on the rise, with several tokens seeing price jumps today.
Leading the pack is Myro (MYRO), which is up 15% in the past 24 hours alone.
MYRO continues its upward momentum with a spot trading volume of $22 million
After falling to $0.145 yesterday, MYRO rose to $0.167 today.
The token’s price action has seen the creation of a series of higher highs and higher lows, which is considered a bullish signal.
MYRO has risen above the 20-period Exponential Moving Average (EMA) on the 4-hour chart, indicating that bullish momentum is building.
The token’s rise has seen trading volumes rise as well.
Over $22.5 million worth of MYRO was traded in the past 24 hours, up 29% from the previous day.
However, MYRO price remains trapped inside a descending channel on the daily chart.
Therefore, there is a good chance that the upside will be limited in the near term unless MYRO can close above the upper border of this channel.
Regardless of the token’s long-term prospects, one thing is certain: it is likely to be a strong end to the week for MYRO investors.
Solana Meme Coins are seeing a significant rise in market cap and trading activity
The buying frenzy is not limited to just MYRO today.
CoinGecko data shows that the combined market cap of all Solana-based tokens jumped about 10% over the past 24 hours to reach $7.7 billion.
Additionally, over $1.5 billion in meme token volume was traded on exchanges in the same time frame.
The market was led by WIF and BOME, both up 10% since yesterday.
POPCAT is also rising, with the cat-themed token up 11%.
However, the biggest gainer was PONKE, which rose 23% to $0.175.
Of course, no meme craze would be complete without some tokens left behind.
BODEN stock was the unfortunate loser, falling 13% as retail traders looked elsewhere.
As is often the case with these speculative rallies, there was no clear catalyst driving the momentum.
It could be a bout of FOMO-controlled traders, who are stacking animal-themed tokens on Solana in hopes that this will be the start of the next bull cycle.
With the Crypto Fear & Greed Index rising to 66, and now in the “greed” zone, it appears that meme fans are betting on more upside for their favorite coins.
What Solana Meme Coin Could Be Next for Surge?
While MYRO has attracted all the attention today, traders are already looking for Solana’s next potential pump candidate.
One name that seems to be on traders’ radars is Sealana (SEAL), a seal-themed token currently raising funds through a limited-time pre-sale.
The pre-sale of the SEAL token goes viral and exceeds $370,000 in one week
The SEAL pre-sale has raised more than $370,000 in just over one week of going live.
At the current rate of 6,900 SEAL per SOL, the project is gaining momentum among the “degen” community.
Some even draw parallels with the success of the Slothana (SLOTH) token.
This sloth-inspired meme has risen more than 70% from its pre-sale price since its launch on DEX platforms last week.
Early SEAL investors are hoping that this will be the next Solana-based token to go viral.
Things certainly seem to be moving in this direction.
Every day, hundreds of new members join Sealana’s Twitter and Telegram channels. After that, her social following arguably overshadowed where Sluthana was at this point.
Additionally, the token was ranked third on ICOBench.com’s list of upcoming cryptocurrency launches to watch.
All of this happened despite having no use case for Sealana to speak of.
However, as we have seen with success stories like BONK and WIF, the lack of a use case can sometimes be the biggest selling point for these meme currency projects.
So, it might be worth checking out SEAL for those looking for the next under-the-radar token that could potentially explode on Solana.
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