Solana-based meme coins have recently showcased remarkable gains. This surge occurs while major cryptocurrencies like Bitcoin (BTC) experience a general downturn.
The narrative has been outperforming other cryptocurrencies. Hence, the crypto community members anticipate a meme coin-led bull run.
How Top Solana Meme Coins Performed in the Last 24 Hours
Notably, Dogwifhat (WIF), the largest meme coin on Solana based on market capitalization, rose by 16.2% in the past 24 hours. Popcat (POPCAT) by 27.6%, Jeo Boden (BODEN) by 36%, Slerf (SLERF) by 14.2%, Wen (WEN) by 17.6%, and Maneki (MANEKI) by 16%.
These gains contrast with the broader crypto market, showing only a modest recovery. After a drop below $57,000, Bitcoin has slightly recovered, currently trading at $57,600. Meanwhile, the meme coin sector on Solana has seen its overall market cap increase by 6.8%, now valued at $6.9 billion.
Read more: 11 Best Solana Meme Coins to Watch in 2024
Cryptonary, a crypto analysis platform, highlighted the current market enthusiasm for meme coins.
“If your crypto coins aren’t up at least 500% year-to-date or double digits today, you’re in the wrong coins. Memecoin supercycle in full swing,” Cryptonary posted, attaching screenshot of meme coins’ performance.
However, the meme coin narrative has its pitfalls. Recent investigations by ZachXBT revealed that 12 Solana-based meme coin projects had been abandoned, leading to significant losses totaling $26.7 million.
Among these, “I like this coin (LIKE),” attracted roughly $7.8 million from investors before its value plummeted by over 50%.
Earlier this week, another incident occurred with the meme coin, BONKKILLER, which conducted a honeypot scam. Due to a “freeze authority,” the holders could not sell their tokens.
Hence, BONKKILLER claimed a market capitalization of $327 trillion, surpassing the combined GDP of every nation. Notably, over 90% of the coins were controlled by its creator.
Further complicating matters, a study by cybersecurity firm Blockaid found that at least 50% of presale tokens on the Solana blockchain from November 2023 to February 2024 were malicious.
Read more: Crypto Scam Projects: How To Spot Fake Tokens
As the meme coin market continues to develop, it serves as a vivid reminder of the fine line between high rewards and high risks. Investors are advised to conduct thorough due diligence and remain cautious of the volatile nature of these digital assets. This market, while promising, demands careful scrutiny and a well-informed investment strategy.
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