Meme Coins Outperform Market as Solana Rallies: POPCAT, WIF Lead Pack
Solana’s flourishing meme economy has soared back into the limelight as SOL reclaims $150. Which furry friends stole the show?
- Author: Finn Miller
- Published: July 16, 2024 at 17:00
- Updated: July 16, 2024 at 17:36
In a triumphant return to form, Solana’s explosive meme coin sector has enjoyed increased demand this week.
Germany has finally emptyed their BTC holdings and Trump's pro-crypto campaign, as well his appointment of pro-Bitcoin running mate J.D. Vance, is stirring excitement in the markets. With supposedly bullish catalysts coming in from all angles, market participants have shown a heightened appetite for risk, repositioning themselves in Solana’s popular memes.
POPCAT Dominates Market, Flipping Ethereum-Based Rival
POPCAT, Solana’s favorite feline, staunchly led the charge. Up 65% on a weekly timeframe, POPCAT outperformed all other established Solana meme coins, breaking the key psychological barrier at $800M market cap and securing a new all-time high of $0.82, based on Step Finance data.
On top of inking a new all-time high price, POPCAT reinforced its stellar growth by recording a new all-time holder count, boasting 53,792 holders at press time. POPCAT’s holder distribution continues to grow, with 88.24% of POPCAT’s circulating supply being held in wallets with less than 10k tokens, according to data provided by Flipside Crypto.
However, POPCAT’s biggest achievement during this period was a cultural milestone. On its journey to a $800M market capitalization, POPCAT flipped Ethereum-based rival MOG, becoming the largest cat-themed meme coin in the entire crypto industry.
WIF Reclaims Top Spot, Up 33% in 7 Days
After weathering 35% drops and suffering through early July, WIF appears to have put the hat back on. The canine sensation has rebounded strongly off local lows of $1.49, surging 44% on a weekly timeframe to reclaim the coveted $2B market capitalization, based on Step Finance data.
Notably, WIF surpassed its fiercest rival on its surge back into crypto’s Top 50 coins by market cap. While BONK enjoyed a brief moment as the leader of the Solana meme coin pack, WIF flipped BONK on its recent ascent, reasserting its claim as Solana’s top meme.
WIF supporters have rejoiced as the viral meme coin continues to attract attention from some of the biggest names in the financial world.
According to Forbes, WIF is the best-performing cryptocurrency asset of the year, with BONK coming in at 10th position on the same list.
BILLY, MICHI, MYRO Lead Smaller Caps
Heading further down the list into more volatile waters, smaller cap meme coins are still witnessing plenty of volume and demand. Among less-established memes, MICHI and MYRO both enjoyed meteoric returns, rising 100% and 40% on weekly timeframes respectively.
Not wanting to be left behind, BILLY also witnessed a resurgence of buyer strength, rising 37% over the past 3 days, based on Step Finance data.
The Solana network regularly witnesses upwards of 20,000 new token launches every day. While plenty of new meme coin metas and narratives, like PolitiFi and astrology coins, continue to surface, dog-themed memes continue to lead the pack, suggesting that BONK and WIF are here to stay.
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