Solana memecoin is on the rise along with the broader market after a few days of heavy selling. Investor sentiment plummeted over the weekend as bearish macroeconomic factors filled the industry narrative. However, crypto assets and memecoins have gained this week. Solana memecoin is up 28% as new inflows into crypto assets boosted on-chain activity and centralized exchange trading volume. At press time, Solana memecoin has a market cap of $6.6 billion and a trading volume of $1.8 billion. This new surge has sparked speculation about the price of the coin ahead of Bitcoin’s halving.
Is Solana Memecoin crazy?
The market’s rise is similar to the growth in numbers at the beginning of the year, dubbed the memecoin craze. While weekly figures are still in the red zone, assets like Dogwifhat and BONK have surged 11.5% and 7.1%, respectively. Both assets fell 28.5% and 31.6%, respectively, last week.
BODEN, a U.S. presidential-themed token, is up 11%, with monthly gains exceeding 500%. MEW, SLERF, and WEN have risen 91.3%, 22%, and 27% respectively in the past 24 hours.
MEW’s 91% gain makes it one of the biggest gainers following the market downturn. Other Solana memecoins such as MYRO, Catcoin, and Popcat also traded in line with the market direction. WolfWifBallz is up 132.9% today on increased trading volume, with 玮qun蟋瑉tq58956 topping the list of gainers. Ansem’s Cat and MEW followed closely behind, with the former up 112% more than several coins on the market. These gains for Solana memecoin come amid a wider ecosystem where top coins are beginning to recover today after a huge sell-off.
Will it last?
Macroeconomic factors and heightened geopolitical tensions sparked outflows from the Solana memecoin this weekend. This led to outflows from Bitcoin and altcoins as traders recorded huge liquidations. If bullish factors are present, the upward momentum in the memecoin market will maintain momentum. Similarly, the bull run in Bitcoin prices has led to a re-inflow of funds into memecoins due to rising market sentiment. With Bitcoin prices recovering above $66,000, analysts expect memecoins to rebound at least in the short term.