Solana's Latest Meme Coin Frenzy

Solana’s Latest Meme Coin Frenzy

The Solana Community’s Fondness for Memecoin Projects

The Solana community has shown a great fondness for animal-themed memecoin projects, and this new memecoin project is proof of that. Dogwifhat (WIF) reached a milestone shortly after March 29, and the excitement for Solana memecoin projects continues unabated. Meanwhile, the price of another animal-themed token has also gained momentum.

New Meme Coin Emerges in Solana Ecosystem

Memecoin sector’s new contender is catching investors’ attention, with the MEW token, dubbed as cats in the world of dogs, showing an increase of over 120% on March 29 according to CoinGecko’s data, reaching a market cap of $513 million in just 48 hours of trading. Over the weekend, MEW’s price rose to $0.008, and its market cap exceeded $700 million, securing even more gains.

Additionally, the said token might have gained popularity after being endorsed by BitMex’s founder Arthur Hayes on platform X. We are not seeing for the first time that new memecoin projects in the Solana ecosystem experience price increases just days after their launch. This new trend has attracted both the interest and criticism of the crypto community, which argues that these assets and their natural popularity overshadow projects with useful tokens and a roadmap.

One of these controversial tokens, Slerf (SLERF), faced criticism after its developer accidentally burned funds worth $10 million collected from investors during a presale. However, SLERF continues to be the fourth-largest memecoin in the Solana ecosystem with a market cap exceeding $400 million.

What’s Happening in the Memecoin Market?

Alongside developments with other memecoin projects, WIF continues to make headlines. According to another recent event, WIF surpassed a market cap of $4.25 billion on March 29, becoming the third-largest memecoin project and reaching a milestone by overtaking Pepe (PEPE).

At the time of writing, WIF had increased its price by 90% on a weekly basis, trading at $4.28. Even more impressive was WIF’s monthly performance, as the popular memecoin recorded an approximate 450% increase.

Meanwhile, Solana’s native token SOL closed March 30 with a 4% increase, raising its price above $195. While SOL is showing promising weekly and monthly charts, an analyst believes that SOL’s next price target could be $300 after the Bitcoin halving event.

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