- Solana MEW memecoin value increased by 50% in just one day.
- A singular event appears to be a major catalyst.
- Social media and community support play a crucial role in the memecoins.
Solana memecoins have been capturing investor attention recently, with coins like Bonk and BOME surging upwards of 1000%. In that casino-like frenzy, new tokens are surging all the time.
Most recently, Solana-based memecoin Cat in a Dog’s World (MEW) has seen a significant price rally, up 439.03% in just one week.
MEW Latest Solana Token to Post Significant Gains
The Solana-based MEW token saw a significant rally over the last week, a surge of 439.03% to its current value of $0.0076. This surge coincides with the crypto market, which has shown a renewed interest in meme coins, especially in the Solana ecosystem.
More narrowly, the main catalyst for the rally was the anticipation of an exchange listing. Crypto exchange Bitget announced on Wednesday, April 3, that it will list the token.
Following the anticipated listing, the token surges 50%, reaching a high of $0.00986. However, the token dropped back almost to its starting value that same day. Despite these losses, MEW is still up more than 400% where it was last week.
Solana Sees Memecoin Frenzy
Due to its low transaction costs and high-speed capabilities, the Solana blockchain has become a preferred platform for trading and developing meme coins. This has led to a noticeable surge in several Solana-based meme coins, such as Dogwifhat (WIF) and Bonk (BONK).
However, the rise of meme coins on Solana has not been without controversy. Recent debates have emerged around offensive Solana meme coins featuring racist language.
Meanwhile, Solana founder Anatoly Yakovenko and other co-founders also weighed in on the memecoin mania, urging users not to pour money on questionable presales.
On the Flipside
- Despite MEW’s impressive rally, the meme coin market remains highly volatile, with other Solana-based coins showing mixed performances.
- The rapid gains of MEW highlight the speculative nature of meme coins, where investor sentiment can shift quickly, potentially leading to equally fast downturns.
Why This Matters
The ascent of MEW within the Solana blockchain underscores the continued interest and speculative potential within the meme coin sector.
Read more about the Solana memecoin mania:
Solana Memecoins Drop Across the Board: Is the Party Over?
Read more about Hester Peirce’s revelations about the SEC:
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