Bittime - The crypto market is showing its swing again after several days of negative sentiment. This brings a breath of fresh air to Solana's memecoins which experienced a significant increase of 28% amid an influx of new funds. Increased on-chain activity and trading volumes on centralized exchanges are positive indicators for these assets.
Solana Memecoins Price Surge
The surge in the price of Solana memecoins is reminiscent of the memecoin phenomenon at the beginning of the year. Assets such as dogwifhat and BONK rose by 11.5% and 7.1%, respectively, although they were still in the red in the weekly calculations. Keep in mind that these two assets saw sharp declines of 28.5% and 31.6% in the previous week.
BODEN, the US President-themed token, recorded an 11% gain and traded at $0.7548, adding to its monthly gains of more than 500%. MEW, SLERF, and WEN recorded increases of 91.3%, 22%, and 27% respectively in the last 24 hours.
The 91% rise in MEW makes it one of the most profitable assets post-market downturn. Other Solana memecoins such as MYRO, Catcoin, and Popcat are also following this positive trend. WolfWifBallz topped the gains by registering 132.9% on the day amid an increase in trading volume.
Ansem's Cat and MEW followed as the latter by registering 112% growth, surpassing several other coins in the market. The rise comes amid a recovery of top coins in the broader ecosystem after experiencing a massive sell-off.
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Factors Driving Solana's Memecoin Increase
Several factors are believed to be driving Solana's memecoins rise. First, the influx of new funds into crypto assets increases on-chain activity and trading volumes on centralized exchanges. Second, market sentiment is improving along with the recovery in the price of Bitcoin and other altcoins.
Previously, Solana memecoins experienced outflows at the end of last week due to macroeconomic factors and heightened geopolitical tensions. This led to an outflow of Bitcoin and altcoins as traders recorded massive liquidations.
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Solana Memecoin Prospects
A bull run in the memecoin market will maintain its momentum if bullish factors are present. Similarly, a surge in Bitcoin's price could lead to an influx back into memecoins due to improved market sentiment. As Bitcoin's price recovers above $66,000, analysts expect a rally around memecoins at least in the short term.
Conclusion
It is important to remember that the crypto market is still volatile and full of speculation. Solana's rise in memecoins today shows their potential for huge returns, but investors need to do thorough research and understand the risks involved before investing.
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How to Buy Crypto on Bittime
You can buy and sell crypto assets in an easy and secure way through Bittime. Bittime is one of the best crypto applications in Indonesia that has been officially registered by Bappebti.
To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. In addition, also make sure that you have enough balance by depositing some funds into the wallet. For your information, the minimum asset purchase at Bittime is IDR 10,000. After that, then you can make a crypto asset purchase in the application.
Learn the Complete Guide on How to Buy Crypto on Bittime.
Monitor the price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also read:
Solana: Memecoin Boom &; Scam, Is That All It Is?
Memecoin from Solana Blockchain SNAP, BOME, SLERF Trending
3 Cat-Themed Memecoins You Must Know This Week: Prices Soar 200%!
DISCLAIMER: This article is informational in nature and does not constitute an offer or solicitation to sell and buy any crypto asset. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices may change significantly from time to time and Bittime is not responsible for fluctuations in crypto asset exchange rates.
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