Solana’s memecoins are witnessing a resurgence alongside the broader cryptocurrency market following recent sell-offs. Despite a bearish sentiment over the weekend due to macroeconomic concerns, the crypto market, including memecoins, has rebounded this week.
The surge in Solana memecoins, marking a 28% increase, is attributed to fresh inflows into crypto assets, driving on-chain activities and trading volumes on centralized exchanges. As of the latest data, the market capitalization of Solana memecoins has reached $6.6 billion, with a trading volume of $1.8 billion. This notable surge has sparked discussions regarding token prices leading up to the Bitcoin halving event.
The current uptick in the market resembles the trend observed earlier in the year during the memecoin frenzy. Assets like dogwifhat and BONK have experienced gains of 11.5% and 7.1% respectively, although weekly figures remain in the red zone following significant losses last week.
Tokens such as BODEN, inspired by the US President, have seen an 11% increase and are trading at $0.7548, contributing to their substantial monthly gains exceeding 500%. MEW, SLERF, and WEN have recorded hikes of 91.3%, 22%, and 27% respectively over the past 24 hours.
MEW’s significant increase places it among the top gainers post-market downturn. Other Solana memecoins like MYRO, Catcoin, and Popcat are also trending in alignment with the broader market. WolfWifBallz has emerged as the top gainer with a 132.9% surge today amid heightened trading volumes.
Amidst the recovery, the sustainability of Solana memecoins remains a topic of discussion, particularly following outflows triggered by macroeconomic factors and geopolitical tensions over the weekend. However, analysts anticipate continued momentum in the memecoin market if bullish factors persist, especially with a potential rally linked to Bitcoin’s price resurgence above $66,000.