Solana (SOL) is experiencing a significant surge thanks to the increasing popularity of two United States president-themed memecoins, Jeo Boden and Doland Tremp.
Ryan McMillin, Chief Investment Officer at Merkle Tree Capital, believes that Jeo Boden and Donald Tremp's memecoins will help push Solana's price to $400 ahead of the U.S. presidential election in November.
Jeo Boden and Doland Tremp, two Solana-based memecoins named after anagrams of the last two U.S. presidents, helped Solana surpass Ethereum in trading volume on Thursday. According to McMillin, the popularity of this memecoin is expected to continue to increase along with the continued bull market in the crypto world.
Causes of Memecoin Soaring
Both memecoins saw sharp gains after former US President, Donald Trump, publicly supported crypto, while current President, Joe Biden, threatened to veto a pro-crypto bill last week. Trump's support and Biden's threat make crypto an important issue in the upcoming elections.
McMillin revealed to DL News that while memecoins are often thought of as a short-term speculation tool that invites laughter, they actually pave the way for more sustainable uses, such as tokenization of real-world assets. "Memecoins may be funny and short-term speculation tools, but they pave the way for more sustainable use cases."
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Solana: The Test of Network Power
In addition to memecoins, Solana's price surge was also triggered by traders' increased confidence in the Solana blockchain, which for years experienced downtime issues. McMillin explained that this increase in trading serves as a direct stress test of the Solana network, proving its resilience.
Currently, Solana is trading at around $136 (around Rp2 million). While this figure is still far from its all-time high in November 2021 of $260 (approximately Rp3.8 million), the increase in trading volume indicates an improvement in the stability and performance of the Solana network.
Liquidity and the US Economy
According to McMillin, Solana's price will be supported by increased liquidity in the market as the U.S. Treasury looks to strengthen the economy. This means investors will have more money to trade in high-risk assets like crypto.
This increase in liquidity is expected to push Solana's price even higher, along with increasing investor interest in digital assets. "More liquidity in the market will push Solana's price higher," McMillin said. "It provides an opportunity for investors to invest more in crypto assets."
Cara Beli Kripto:
Kinerja Memecoin
Pada hari Kamis, memecoin Donald Tremp mengalami kenaikan 204% menjadi $0,76 (sekitar Rp11 ribu), sementara Jeo Boden melonjak 33% menjadi $0,4 (sekitar Rp6 ribu). Namun, keduanya kemudian mengalami penurunan kembali masing-masing ke $0,53 (sekitar Rp8 ribu) dan $0,26 (sekitar Rp4 ribu).
Peningkatan dramatis ini menunjukkan betapa memecoin dapat mempengaruhi harga kripto utama seperti Solana. "Memecoin Donald Tremp dan Jeo Boden memberikan dorongan signifikan pada volume perdagangan Solana," jelas McMillin. "Ini adalah bukti bagaimana tren jangka pendek dapat memberikan dampak besar pada pasar kripto."
Conclusion
With Solana on track to reach a price of $400 ahead of the US presidential election, investors and market watchers should pay close attention to memecoin-related developments and their impact on the Solana network. While memecoins are often considered a momentary trend, their role in increasing trading volumes and testing network resilience cannot be ignored.
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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.
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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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