Memecoins
SOL Meme Coins in high demand, led by MICHI
Solana is back in the spotlight. Despite a $1.9 billion drawdown from large network stakeholders, SOL meme coins are recording solid gains in the market.
Leading the bullish fury is Michi, a new meme coin launched at the end of April 2024. With around 540 million in supply and no listings on centralized exchanges, the meme coin has gained over +300%, according to CoinMarketCap in the last 7 days.
Michi
The $MICHI rally shows that the push towards meme coins is still present. Some expected upcoming projects on Solana to move away from the chain due to congestion issues. The $MICHI rally demonstrates that the “hunger” for SOL meme coins remains high.
$MICHI’s momentum was also fueled by Ansem, a popular cryptocurrency influencer. When a token is mentioned by people with hundreds of thousands of followers, the price reaction may conform.
Shark cat
Shark Cat ($SC) is another meme coin that has seen large inflows. Although it is listed on LBank, most of its volumes are generated by decentralized exchanges.
The meme coin depicts a cat dressed in a shark costume, similar to Michi. A cat is also used for the logo. It’s quite common for animals, including cats, dogs, and even dragons, to star in meme coins.
Boden
The Joe Boden meme coin ($BODEN) was launched in March 2024. The meme coin has suffered from the general weakness of the cryptocurrency markets. However, the token joined the meme coin rally on SOL, rising more than 50%.
Similar to the meme coins above, all activity takes place in decentralized exchanges. While it may not be clear why these meme coins have gained momentum, this reflects that cryptocurrency traders are still showing interest in Solana-based meme coins.
Sealana pre-sale reaches $13 million
A new meme coin on Solabna, Sealana raised $13 million. When meme coins attract great attention in the pre-sale phase, they measure demand and trust in the chain.
Meme coins with animal features are the hottest trend and it doesn’t seem to end anytime soon.
Despite all the problems with Solana, it is still the best home for meme coins.