Is Solana Meme Coin Craze Back? $MANEKI Surges 14000% in Less Than 3 Hours

A newly launched cat-themed meme coin, $MANEKI, has exploded in value. Its price has increased by 14000% while reaching a $90 million market cap just three hours after its launch. The surge in popularity has reignited speculation that the meme coin season might be back in full swing.

One lucky trader made headlines after transforming a $110k investment into a staggering $8.72 million within three hours by purchasing $MANEKI just 27 seconds after launch. 

The meme coin market has been experiencing a downturn in recent weeks, potentially due to a broader correction in Bitcoin prices triggered by the Israel-Iran conflict. Bitcoin hit a low of $59.6k during the war news. Even established meme coins like $Popcat saw significant dips, with its market cap dropping as low as $100 million.

However, fortunes seem to be shifting. $Popcat has bounced back with a 400% surge in the last 72 hours. Top Solana meme coin $BONK also rallied 40% from its recent sell-off lows, and other cat-themed meme coins like $MEW have mirrored this trend with 100% gains. The renewed interest in meme coins coincides with Bitcoin's recovery to $66k, suggesting a potential return of investor confidence.

It remains to be seen whether these gains are sustainable, as meme coins are notoriously volatile. Another factor that stalled the recent meme coin season was Solana network congestion. However, a recent upgrade (v1.17.31) is mitigating these issues, with users reporting significantly improved transaction speeds and reliability.