- The main Solana meme coin gained a further $8.32 billion in market capitalization in Q1 2024.
- This quantity recorded a progress of 801.5%, ending the primary quarter with a market capitalization of $9.36 billion.
- Whale Insider claimed that WIF and BOME may nonetheless rise 10,000% in a bull market.
Market tracker CoinGecko has revealed a brand new report documenting the efficiency of Solana-based meme cash within the first quarter of this 12 months. Based on the report, Solana's high 10 meme cash captured a further $8.32 billion in market share. This determine marked a powerful progress of 801.5% as Memecoin ended the primary quarter with a market capitalization of $9.36 billion.
Apparently, earlier than This fall 2023, solely BONK and Samoyed Coin (SAMO) existed. Following the success of BONK, various new faces emerged. In the meantime, in March, Solana's premier meme coin, BONK, was overtaken by newcomer Dogwifhat (WIF).
WIF beat BONK following a constant upward pattern since late December 2023. The inventory went from an all-time low of $0.0677 to an all-time excessive of $4.85 on March thirty first, marking an astounding 7,063% acquire in lower than three months. Whereas WIF recovered, it additionally defeated different main opponents within the meme coin area, together with FLOKI and PEPE. Presently, WIF ranks second solely to Shiba Inu and Dogecoin.
Moreover, the CoinGecko report highlighted that E book Of Memes (BOME), launched on March 14th, reached the $1 billion cap inside two days. Notably, BOME's rise has additionally been influenced by securing a big itemizing on Binance, essentially the most distinguished cryptocurrency buying and selling platform.
In the meantime, after the frenzy that adopted the Solana meme coin, the token suffered a serious setback amid Bitcoin's decline. For instance, WIF has surged 20% prior to now 24 hours, but stays at a hefty 15% loss on its one-week trajectory. BONK and BOME suffered losses of 31.61% and 22.64%, respectively, over the previous week.
Nonetheless, market contributors stay optimistic about meme cash within the Solana ecosystem. X consumer Whale Insider claimed {that a} treasure trove of WIF, BOME, and different Solana cash may flip a $1,000 funding into $100,000 in wealth. This outlook means that Solana Meme Coin's potential ROI on this bull market is his 10,000%.
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