SOL Meme coin in high demand led by MICHI
Solana is in the spotlight again. Despite a $1.9 billion withdrawal from large network stakers, the SOL meme coin is seeing solid gains in the market.
Leading the rise is Michi, a new meme coin launched in late April 2024. Over the past seven days, the meme coin has returned more than +300%, according to CoinMarketCap, with a supply of approximately 540 million and not being listed on a centralized exchange.
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$MICHI’s rally shows that momentum still exists for meme coins. Some of Solana’s future projects were expected to move away from the chain due to congestion issues. $MICHI’s rally shows that the ‘hunger’ for the SOL meme coin is still rising.
The $MICHI momentum was fueled by popular cryptocurrency influencer Ansem. If a token is mentioned by an individual with hundreds of thousands of followers, the price reaction may follow suit.
Shark Cat ($SC) is another meme coin that has seen large inflows. Although it is listed on LBank, most of its trading volume is generated on decentralized exchanges.
The meme coin features a cat wearing a shark costume, similar to Mitch. A cat is also used in the logo. It’s very common for animals, including cats, dogs, and even dragons, to star on meme coins.
boden
The Joe Boden ($BODEN) meme coin was launched in March 2024. Meme Coin has suffered due to the overall weakness in the cryptocurrency market. However, the token joined the meme coin rally in SOL, which rose more than 50%.
Similar to Meme Coin above, all activity takes place on a decentralized exchange. It may be unclear why these meme coins have gained momentum, but this reflects that cryptocurrency traders are still showing interest in Solana-based meme coins.
Sealana presales reach $13 million
Sealana, Solabna’s new meme coin, has raised $13 million. When a meme coin gains significant traction during the pre-sale phase, it gauges demand and trust on the chain.
Meme coins with animal motifs are the hottest trend, and it doesn’t seem like they’ll end anytime soon.
Despite all of Solana’s problems, it’s still the best place for meme coins.
