Will Solana Memecoins Keep Pumping?

SOL Memes. Unlike BTC, many tokens are far off from their all-time highs, but that did not stop alts from pumping as the week progressed, with Ether trading above $4k for the first time since December 2021! Which other crypto ecosystem found its footing against BTC this week?

Quick Take

Memecoin mania came to a screeching halt on Monday after broader crypto markets crashed, causing many tokens in the sector to plunge by upwards of 50%.

The dip was short-lived, however, with the category coming to dominate CoinGecko’s top gainers board on a weekly basis after many top memecoins managed to secure triple-digit gains.

Memecoins from various ecosystems have pumped this week, but the most exciting moves are being made in Solana, a chain that is not only playing host to many of this week’s top gainers (MYRO, WEN, and WIF), but that has also become the backbone behind the emerging category of misspelled PolitiFi memecoins!

With bull market activity increasing the number of onchain transactions, gas fees have skyrocketed on Ethereum L1Ethereum is a global platform for decentralized applications and finance.View Profile” class=”stubHighlight”>Ethereum and its L2s, potentially pushing a portion of memecoin speculation that would be occurring within the ecosystem towards Solana.

Despite SOL’s 35% dip on Monday, the token roared back to life alongside its memecoins, gaining 45% in the days that followed to reach cycle highs above $150.

Chart of the Week

While broader risk markets have made strong gains since October 2023, the S&P 500 closed out this week red after a 10% collapse in the share price of Nvidia on Friday evaporated $260B (55% on an Ethereum) in market capitalization and hammered trad indices lower.