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Solana’s Meme Coins Surpass Bitcoin and Ethereum, Analysts Predict Continued Surge
Meme coins on the Solana blockchain have left an indelible mark on the cryptocurrency circuit, unprecedentedly outpacing giants like Bitcoin and Ethereum in recent times.
Perhaps one of the most striking examples is Bonk Inu (BONK), which has soared nearly 7,000% this year alone. This meteoric rise has financial circles buzzing, with analysts anxiously anticipating the ripple effects that could be triggered by the potential approval of Solana exchange-traded funds (ETFs) in the United States. Unveiled by asset management firms VanEck and 21Shares, these ETFs, many believe, could be a much-needed boost for these cryptocurrency tokens. Leading market expert Leshka is a vocal supporter of this view.
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In a recent analysis of the market landscape, Leshka shed light on the growing dominance of Solana memes in this trading cycle. Furthermore, anticipation of the growth potential of these memes is set to increase if the U.S. Securities and Exchange Commission (SEC) greenlights the Solana ETF market.
However, we would be remiss if we didn’t delve into some of the major players in the Solana-based meme coins that are making waves. Among them, Leshka first revealed the growing popularity of the feline-inspired meme coin POPCAT, which has seen a 55% price increase in just a fortnight. POPCAT is currently trading at an encouraging $0.448, establishing itself as the fourth largest Solana meme coin with a confident market cap of $441 million. Despite the lack of explicit intrinsic value, Leshka applauds the coin’s strong community behind it, marking it as a notable mid-cap meme coin in Solana’s arsenal.
Michi token, another feline-inspired meme coin, was also under Leshka’s scanner. With the upcoming release of MichiSwap, michi non-fungible tokens (NFTs), and the michi NFT Marketplace, a spike in the michi token price is realistically expected in the coming months, according to the analysis.
Bonk Inu is also attracting considerable attention in the meme coin arena. With a 20% price increase in two weeks and currently trading at $0.00002413, Bonk Inu is an interesting case. Originally aligned with the Solana community, Bonk Inu has expanded its user base and become firmly entrenched in decentralized finance (DeFi), integrated into cross-chain messaging protocols and NFT marketplaces, factors that Leshka believes could potentially boost its future earnings prospects.
Shifting gears, Leshka also shined a spotlight on Dogwhifhat (WIF), currently the most significant Solana-based meme coin by market cap, having accumulated an incredible $1.6 billion in record time. Despite a recent 40% price drop, Leshka says Dogwhifhat represents a futuristic approach to transactions and is attractive to forward-thinking individuals.
Turning his attention to the political meme coin scene, Leshka specifically highlighted those related to US politicians. These meme coins are gaining significant traction with the upcoming November elections. The expert highlighted OBEMA, a Michelle Obama-inspired meme coin, as risky due to its lack of intrinsic value or expected returns. However, Leshka noted that a sudden exit of Joe Biden from the presidential race could lead to returns in the range of 10x-20x. Leshka also drew attention to BODEN, a Joe Biden-themed meme coin, which, despite a decline in popularity, could see a turnaround if Biden secures a victory in the November elections.
Finally, Solana’s native token, SOL, despite having recently suffered a 13% monthly decline, was still trading at $138.70 at the time of reporting. Despite this decline, SOL has seen an impressive 540% increase year-to-date, underscoring the dynamic nature of the Solana ecosystem.