The digital asset market was caught off guard in March when meme coins skyrocketed in value. However, it was not just the typical top-tier assets in the sector that began to surge. Indeed, it was newcomers in the form of Solana meme coins that drove a 1,326% return on average, according to CoinGecko
Moreover, last month also saw new traders flourish through their investments in the sector. Specifically, IntoTheBlock data shows that addresses holding meme coins for under thirty days reached record highs in that time frame. Time will only tell how these assets can perform into April, but Solana has undoubtedly benefited from the meme coin mania that took place.
Solana Meme Coins Driving Record Frenzy for New Traders
The digital asset market has experienced a string of positive performances in 2024 thus far. That culminated in March when a host of assets reached yearly highs, driven by Bitcoin. Specifically, BTC reached a landmark figure of $73,000 during that month. Yet, the market had not expected the surge in one subsect that dominated the last several weeks.
Indeed, it was Solana’s new Meme coins that have driven 1,3265 returns on average. Specifically, Solana has seen assets like Dogwifhat (WIF), Bonk (BONK), and Book of Meme (BOME) make a name for themselves. Ultimately, their performance led them to be slated as the top 3, 6, and 7 meme coins respectively.
According to CoinGecko, the meme coin market has become the most profitable narrative in the sector so far this year. Moreover, of the aforementioned Solana meme coins, WIF saw 2,721% growth year to date. Subsequently, it became one of the most impressive growth trajectories of any of these assets.
This development has infused the market with optimism, leading to a plethora of new investors. Additionally, these new investors have increased the value of these tokens, creating a unique relationship in which their willingness to enter the market has led to recorded high gains.
Furthermore, these gains have been immense in a lot of cases. Specifically, one trader was able to earn $2 million after putting just $62 in Solana meme coin $SILLY according to LookOnChain. Indeed, he spent a single SOL token to earn the massive funds in yet another example of how Solana is driving the meme mania into April.
