Memecoins — are extremely volatile and speculative assets that derive their value from hype. While Dogecoin ($DOGE ) and Shiba Inu ($SHIB ) lead the memecoin sector, Solana-based memecoins have outperformed these two assets over the last year or so. For example, Bonk ($BONK ), the leading memecoin on Solana, has increased by 5.9% in the last hour and by 31.7% over the past seven days. However, dogwifhat (WIF) has fallen by 22.4% in the last week, and Popcat (POPCAT) has dropped by 19.9% over the past seven days. Data from CoinGecko shows that the total market cap of Solana memecoins is $20.8 billion.