Memecoins
Were Pepe and Book of Meme missing? SolJu could be the next hit
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Meme coins have a market capitalization of over $60 billion.
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Tokens like Pepe and Bonk have made many millionaires.
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SolJu could be the next big thing in the meme coin industry.
Meme coins have performed well this year, as they have outperformed most traditional coins such as Bitcoin, Ether, and Ripple. Some, like Pepe and Book of Meme (BOME), reached record highs, while the total market capitalization of all coins rose to over $60 billion. SolJu, an upcoming Solana meme coin, could be the next big thing in the industry.
Because meme coins have soared
There are three main reasons why meme coins have been successful this year. First, most of these tokens soared as a sense of greed spread across the market. The fear and greed index has remained mostly in positive territory this year as investors anticipated rate cuts by central banks such as the Federal Reserve and the ECB.
Secondly, meme coins have risen due to Bitcoin’s performance. Bitcoin, the world’s largest cryptocurrency, jumped to a record high in March as investors cheered the Federal Reserve’s approval of Bitcoin ETFs. Since then, these funds have seen inflows of over 800,000 Bitcoin and the trend may continue.
Attention now shifts to the upcoming approval of Ethereum ETFs. In a statement last week, Gary Gensler predicted these approvals will occur later this year.
Meme coins tend to succeed when Bitcoin thrives due to their lower prices. As a result, most investors purchase them instead of highly expensive coins such as Bitcoin, Litecoin and Bitcoin Cash.
Additionally, the concept of meme trading has rebounded, as evidenced by companies like GameStop and AMC. Additionally, traders are incentivized to purchase meme coins through social media activity.
SolJu could be the next big thing
Now, attention among meme cryptocurrency investors has shifted to SolJu, a new one Solana meme coin launching on Tuesday.
It is a meme coin inspired by the success of Beercoin, a token whose market capitalization recently jumped to over $300 million.
Its name comes from Sol – for Solana – and Soju, a popular South Korean liquor. As such, the hope is that the token will become a social platform where Solju holders will gather and form an impromptu gathering over beer and food.
SolJu will forgo the popular route of a token sale. Instead, the developers are planning a fair sale, where all tokens will be released and then market discovery will help determine their value.
The initial token supply will be 100 million tokens while the initial liquidity will be $12,000. The starting price will be $0.00012, giving it room to grow in the coming months.
After launch, the developers aim to increase its price through exchange listings, games, and partnerships in the crypto community. You can learn more about SolJu Here.