Phenomenon Andrew Tate opened a crypto wallet with 10,000 SOL$SOL
After announcing that it had filled its account with and was preparing to trade meme coins, the Solana (SOL) price rose in the last 24 hours, reaching an all-time high of $262.93.
Although Solana is down 2% from its record high, it is up 7% in the last 24 hours, 21% in the last week and 56% in the last 30 days.
Having reached a new high, surpassing the record high from November 2021, SOL could stage a strong rally that could lead to a larger price movement in the coming months.
Solana’s strong performance could also lead to higher prices for meme tokens traded on the blockchain.
Andrew Tate’s announcement that he would invest 10,000 SOL in meme coins was one of the factors that triggered the increase in the SOL price. It is not known for sure whether Tate made a profit from these transactions, but it is clear that his post had a positive impact on the SOL price.
SOL is still showing strong momentum despite falling below its record high. SOL’s relative strength index (RSI) is down to 60 from 70 a few hours ago, indicating that buying pressure is still strong. In addition, the 30-day moving average (orange) remains above the 200-day moving average (blue), which is another sign that Solana is in a bull cycle.
The coin’s trading volume reached $14.6 billion, a 300% increase on a monthly basis. This suggests that SOL is seeing strong demand and its momentum could continue until 2025.
Solana becoming a hub for meme tokens could help boost the coin. Over the past few days, the number of transactions on the Solana network has surpassed 54 million, while Ethereum’s transaction count has remained at around 1 million.
All these developments indicate that the price of SOL could climb to new highs in the coming weeks and may even surpass the $300 level by the end of the month.
New Meme Tokens and Solana’s Role
Solana’s strong performance could also lead to the rise of meme tokens that outperform other networks. One of these new coins is CatSlap (SLAP), an Ethereum-based token.
According to DEXTools data, CatSlap, which was listed on Uniswap yesterday, has seen a 1,554% increase in the last 24 hours. Moreover, its trading volume of over $7 million is quite high for a new meme coin.
CatSlap is more than just a meme coin, it also offers its own mini-game. The game can be accessed via CatSlap’s official website, where users have to tap on the screen to activate the cat slapping gif. This simple game creates a leaderboard with the number of clicks recorded by country, with Japan currently in first place. CatSlap’s X account also gained over 1,500 followers just one day after it was created.
CatSlap’s maximum supply will be 9 billion SLAP tokens, with 50% of the supply allocated to liquidity, 20% to staking rewards, 10% to community rewards, 10% to project development, and 10% to the team. The remaining 10% allocated to the team will be locked for ten years.
It is stated that the project aims to reach a market value of $100 million in the third phase of the roadmap, and the fact that it currently has a market value of over $7 million strengthens its potential to achieve this goal.