- Main Solana meme cash gained an extra $8.32B market cap in Q1 2024.
- The determine marked an 801.5% development, ending Q1 with $9.36 billion market cap.
- Whale Insider argued WIF and BOME may nonetheless rally 10,000% within the bull market.
Market tracker CoinGecko unveiled a brand new report capturing the efficiency of Solana-based meme cash within the first quarter of the yr. In accordance with the report, the highest ten meme cash on Solana gained an extra market share of $8.32 billion. The determine marked a staggering development of 801.5% because the meme cash ended Q1 with a complete market cap of $9.36 billion.
Apparently, solely BONK and Samoyedcoin (SAMO) existed earlier than 2023 This fall. Following BONK’s success, a trove of newcomers later emerged. In the meantime, in March, BONK, the premier meme coin on Solana, was outranked by the newcomer Dogwifhat (WIF).
WIF knocked out BONK following a constant uptrend since late December 2023. It attained an all-time excessive of $4.85 on March 31 from its all-time low of $0.0677, marking a staggering 7,063% acquire in beneath three months. Whereas WIF rallied, it additionally knocked out different main contenders within the meme cash house, like FLOKI and PEPE. Now, WIF stands proper behind solely Shiba Inu and Dogecoin.
Moreover, the CoinGecko report highlighted that Guide Of Memes (BOME), launched on March 14, attained a $1 billion cap inside two days. Notably, BOME’s ascent was additionally influenced by the pivotal itemizing it secured on Binance, probably the most distinguished crypto buying and selling platform.
In the meantime, after the frenzy that has adopted Solana meme cash, the tokens have witnessed main setbacks amid Bitcoin’s pullback. As an illustration, WIF retains a considerable 15% loss in its one-week trajectory regardless of hovering by 20% within the final 24 hours. BONK and BOME have suffered losses of 31.61% and 22.64% over the previous week, respectively.
Nonetheless, market individuals stay optimistic about meme cash within the Solana ecosystem. X consumer Whale Insider has argued that WIF, BOME, and a trove of different Solana cash may rework a $1,000 funding right into a $100K fortune. This outlook suggests a possible 10,000% ROI from Solana meme cash on this bull market.
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