Following the most recent crash, the crypto market has started to recover. As is often the case, meme coins are among the biggest gainers.
What’s different compared to other market bounces is the fact that utility projects have also awakened, such as Notcoin.
Solana meme coins are pumping today and leading the memes rally. The dogwifhat (WIF) price is up 20% today and is now trading around $1.7.
Source: ConiMarketCap/dogwifhat
POPCAT on Solana has also seen a 20% increase, pushing its market cap over $500 million.
BOME is up 5% and BONK has risen 4%. This suggests that traders are rushing to meme coins on Solana today.
When memes on Solana are pumping, it typically indicates that the SOL price is up too. Indeed, SOL is up 8% today. This relationship highlights how meme coins often follow SOL’s trajectory, with their performance closely tied to the underlying blockchain’s success.
The surge in Solana-based projects can be seen as a reflection of increased activity and interest in the Solana ecosystem as a whole. As SOL gains momentum, it creates a ripple effect that benefits the tokens built on its network, particularly those with strong community engagement like meme coins.
Read also: XRP Price Prediction: Ripple Analyst Forecasts Potential 2,100% Surge to $18, Hints at $100 Possibility
Trading Volumes Paint a Different Picture
Despite the price pumps, trading volumes for Solana meme coins are significantly down today. In fact, volumes have decreased by over 40% compared to yesterday across all Solana meme coins. This stark contrast between price movement and trading activity raises some concerns about the sustainability of the current rally.
The discrepancy between rising prices and falling volumes could potentially indicate that this rally lacks strong conviction from traders. It might suggest that the price increases are driven by a smaller number of large trades rather than broad-based buying interest. This scenario often leads to questions about the rally’s longevity and whether it has the momentum to continue in the short term.
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