Solana Memecoin Triggers Frenzy as Traders Make 100x Profits; Altseason Soon?

Solana Memecoin Triggers Frenzy as Traders Make 100x Profits; Altseason Soon?

The post Solana Memecoin Triggers Frenzy as Traders Make 100x Profits; Altseason Soon? appeared first on Coinpedia Fintech News

Mid last month, Franklin Templeton, one of the successful issuers of spot Bitcoin exchange-traded funds (ETF), posted that it was impressed by the Solana (SOL) on-chain performance ranging from its NFTs innovation, DeFi, and meme coins. With Solana’s price closing last year with more than 1,100 percent in gains, speculation on SOL-based meme coins has risen significantly.

At the forefront of this meme coin excitement is Bonk (BONK), reigning on the Solana network. Bonk has surged an incredible 100X in just a few months, boasting a market cap of $632 million and a daily trading volume averaging around $56 million. This surge closely follows the launch of the Jupiter ($JUP) ecosystem and its much-anticipated airdrop.

What can you expect next?

The Smell of Altseason is in the Air!

Solana’s meme revolution goes beyond humor; it’s a financial phenomenon. Wen ($WEN) exemplifies this with a volume-to-market cap ratio surpassing 190 percent, indicating insatiable demand. The excitement around meme coins is reaching new heights, fueled by the looming anticipation of altseason.

Read More: Altcoins to Look Out in February 2024: STORJ, RNDR, ICP, & FET Price to Rise High

An impressive story highlights an investor turning $287 into a staggering $184,000 – a remarkable growth of 64,000 percent in a surprisingly short span. Reports suggest this savvy trader may have gained early insights as an early meme coin buyer, possibly privy to insider information from developers.

A Closer Look at PONKE

Another strong contender in Solana’s meme coin saga is PONKE. With a market cap around $19 million and a trading volume of approximately $7.2 million, PONKE is making waves.

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