- Solana-based meme coin, Dogecoin, makes an unprecedented surge of 1,401,490% in just a single day.
- Other meme coins based on the network including Dogwifhat (WIF), and Smog (SMOG) had their fair share of the rally.
Meme coins on the Solana network make an explosive surge with unexpected returns in just 24 hours according to DEXtools data. In the compilation of cryptos with the most gains in the past few trading days, canine-themed crypto named Dogecoin based on the Solana network took the lead with a whopping surge of 1,401,490% in just a single day.
Interestingly, this unprecedented growth was sustained in a short while as the asset made a sharp decline to the previous level after some time. The Solana-based Dogecoin, however, has a relatively low liquidity of $25,530, a market cap of $86,160, and a 24-hour trading volume of $60,000.
According to analysts, the relatively low liquidity could cause challenges, henceforth, potential investors must deal with the meme coin with caution. Similarly, the low liquidity is said to be a hurdle to existing investors who may want to exit the market.
Dogwifhat’s (WIF) Move
Dogwifhat (WIF), a very popular meme coin on the Solana network also staged a 25% rally in just 24 hours, coinciding with the general upside move by the broader crypto market. This is reported to have been triggered by Bitcoin’s dramatic entry into a new yearly high of $50k.
Interestingly, some crypto analysts link the unexpected surge of WIF to the unintentional outfit of the basketball legend, Lebron James. He was spotted with a hat similar to the Dogwifhat meme, igniting speculation and increasing the social dominance of the asset.
A crypto user identified as Clemente commented on how Lebron impacted the meme market without realizing it.
LeBron singlehandedly pumped $WIF to $0.40 today. We’re so back.
WIF’s weekly gain is still up by 107.9%, however, the asset has generally made a pullback from the $0.40 level to $0.363597, after falling by 7% in the last 24 hours.
Other Solana-Based Meme Coins Follow the Trend
A comprehensive look at market data shows that the considerable upward move of Solana-based meme coins was not limited to Dogecoin and Wif. Smog (SMOG), also benefited with a whopping gain of 2,500% in just a week. As of press time, its weekly gain had been rubbed off as it recorded a 16.79% negative return in the period under review. Interestingly, the asset seems to be bouncing back as it makes a 24-hour gain of 26%.
These incredible runs have been partly attributed to the performance of Solana (SOL) which staged a 17% weekly rally. Solana is currently trading at $112.71 but has declined by 1.28% in the last 24 hours. To analysts, this asset still has an upward potential as its market sentiment looks bullish with a score of 89/100.
A crypto analyst identified as Mags on X has disclosed that the market cap of altcoins has reached an important stage in the Wyckoff Accumulation Pattern. The pattern manifests in five stages, and according to Mags, the altcoin market cap has reached stage E, the breakout stage.
The #Altcoin Market Cap has broken out of a massive Wyckoff Accumulation Pattern. Price is about to enter Phase “E’ which is where Alts will go vertical. Altcoin Bull Market Incoming.
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