It may be a month filled with festivities, but does not yet feel like the holiday season for crypto enthusiasts, who are still on the grind. There have been massive gains from coins all over the space, one significant asset being Solana (SOL), which has continued to rally. Solana-based meme coins have particularly become popular.
We look at the factors that have driven this ecosystem into a frenzy, mainly focusing on the top five gainers.
Why Solana?
Solana is in most cases identified as the Ethereum competitor. This is due to the number of technological advances that position it in a place where it can carry out transactions at high speeds at lower costs.
It has been easy because Solana gives developers a high-performance ecosystem that is ideal for the development and growth of innovative crypto projects. These projects may include meme coins.
In the recent meme coin mania, there have been notable coins that have gained more than others have. We look at the top five gainers.
$BONK
BONK came in as a community airdrop on Christmas day in 2022, aiming to be a community coin of Solana. However, in 2023, it saw a 100% rise after being listed on Coinbase, which is the largest crypto exchange in the US by trade volume.
From its inception, BONK became the third largest meme coin by market cap, coming after DOGE and Shiba Inu, in mid-December, 2023. It also became one of the biggest gainers in the crypto space (up 10,000%) in 2023, among the top 100 crypto.
Popular centralized exchanges like Coinbase, Kucoin, and Binance have listed BONK, which has positively affected its price. In November 2023, the BONK ecosystem created a decentralized exchange, Bonkswap, which shows that they are still growing. The massive gains recorded by this coin have been incredible, even by crypto standards. No wonder there is much interest in the Solana-based meme coin.
$WIF
Dogwifhat (WIF), has recently experienced some increase, as we have seen it rise in popularity and price. This can be attributed to its special concept as well as its impressive market performance. The coin is based on a meme of a dog wearing a hat, epitomizing the quirky yet fun nature of meme coins.
Just like we have seen with other meme coins in the space, WIF has drawn its gains from a massive run of internet culture as well as community enthusiasm. The sudden increase in price and popularity can also be because of its position as a dog-themed token, just like BONK, FLOKI, and BONE.
Additionally, the main driving factor has been its recent listing on Crypto.com, a major cryptocurrency exchange. The listing has been a primary attraction, with its market cap growing to a whopping $149.07 million.
AnaloS
AnaloS is a meme cryptocurrency based on the Solana chain built only less than a week ago. According to the project, the project’s name is a reverse spelling of Solana.
During its creation, it coincided with the impressive growth of the Solana ecosystem. It quickly attracted the attention of the community, which led to its rise.
However, despite its recent rapid surge in a short time, there is still no information on its official information, operating model, and development team. Because of these risks, users are always advised to carry out thorough research before making any decision.
It is with such a risk that the meme coin rose to over $200 million market cap, but has recently made a drop to $56.50 million. It is currently trading at 0.000567, a drop from its all-time high of 0.00214.
$BLOCK
Having been launched just three days ago, there is still not much information regarding the coin, but it has surely rallied, thanks to the Solana surge. However, the team is set on some plans, that mainly include exchange listings, and giving out more information about them, as well as marketing moves. It’s still in its growing phase, which makes the coin one to look out for mostly among these.
One of the major factors that have been key to the rise of coins like AnaloS has been the support of the Gotbit Hedge Fund. There are also rumors of the hedge fund creating cooperation with the Solana-based meme coin. The fund has played a role in these coins as a market maker and providing a stable partnership, which has been important to their rally.
It is therefore likely that the coin will still have space to grow and surge even more. Block’s current price stands at $0.00587 which is a drop of 50% in the last 24 hours. With just a market cap of $5.8 million, the coin could just be an opportunity for gains.
$Eggdog
Eggdog is an innovative and playful project, featuring a 3D model of a dog shaped like an egg. It engages the community In different comical as well as absurd scenarios. The idea originated from a video by YouTuber, Zamsire, on March 2, 2019, in a video, Meet Eggdog.
This is why, just after its launch on December 16, it has garnered a lot of attention from the Solana community.
Its surge has been attributed to the project’s marketing initiative, targeting both Facebook and Instagram.
The coin is trading for $0.007734, with a market cap of just $6.9 million. This means that the meme token still has some room for growth.
Final Thoughts
We are yet to see what this Solana surge has in store for the space. However, if you are interested in buying any of the coins, do your own research (DYOR). As some of the coins may have already done their rally, you should also be mindful of the fear of missing out (FOMO).
Always remember that meme coin trading is extremely risky.