Expert Reveals 7 Top Solana Meme Coins To Watch Amid ETF Approval Hopes
July 08 2024 - 10:00PM
NEWSBTC
Solana-based meme coins have emerged as notable contenders in the
crypto market, outperforming the largest cryptocurrencies such as
Bitcoin (BTC) and Ethereum (ETH) in recent months. With coins
like Bonk Inu (BONK) soaring nearly 7,000% year-to-date, the
potential approval of Solana ETFs filed by asset managers VanEck
and 21Shares in the United States, is seen as a potential catalyst
for these tokens, according to market expert Leshka. In a
recent analysis, Leshka explained that Solana memes have become the
dominant narrative of this market cycle, raising expectations for
their potential growth following a potential Solana ETF market
approval by the US Securities and Exchange Commission (SEC).
Top Solana Meme Coins To Watch Leshka started by depicting
cat-based meme coin POPCAT, which has recorded a 55% price increase
in the past two weeks. Currently trading at $0.448, POPCAT is
the 4th largest meme coin on Solana with a market capitalization of
$441 million. Leshka considers it one of the most relevant mid-cap
memes on Solana, highlighting a “strong community” despite lacking
intrinsic value. Related Reading: Is This Ethereum ICO Project To
Blame For ETH’s Price Slump? Next, Leshka highlighted the MICHI
token, another cat-based meme coin in the Solana ecosystem.
According to the analyst, the upcoming launch of MichiSwap, Michi
non-fungible tokens (NFTs), and the Michi NFT Marketplace could
catalyze further price increases for MICHI in the coming months.
Bonk Inu, another meme coin that has gained significant attention
in recent months, was also mentioned by the analyst, which has
recorded a 20% price increase in the past fourteen days, currently
trading at $0.00002413. Leshka highlighted how Bonk Inu,
which originally supported the Solana community, has expanded its
user base and integrated into decentralized finance (DeFi),
cross-chain messaging protocols and NFT marketplaces as key to its
growth prospects, positioning Bonk Inu as another meme coin with
the potential for further gains. Political Meme Coins Moving
on, Leshka spotlighted Dogwhifhat (WIF), currently the top
Solana-based meme coin in the market cap, which has accumulated
over $1.6 billion in record time. Leshka believes that
Dogwhifhat “symbolizes progress in futuristic transactions” and is
a beacon for “forward-thinking individuals.” Nonetheless, the token
has recorded a steep price drop in the monthly time frame of nearly
40%. Related Reading: Bitcoin Starts July On A Bearish Note, Will
CPI Data Change The Narrative This Week? Lastly, the analyst
highlighted political memes based on the Solana ecosystem,
specifically those related to US politicians, which have gained
significant traction as the upcoming November elections
approach. Leshka noted OBEMA, a meme coin featuring Michelle
Obama, as a “risky play” lacking inherent value or anticipated
financial gain. However, the analyst pointed out the potential for
a 10x-20x return if Joe Biden were to leave the presidential race.
Leshka also mentioned BODEN, a meme coin featuring Joe Biden.
Although its popularity has waned, an “unexpected event” in the
race for the White House could give it a final boost, especially if
the president manages to win the election in November. Solana’s
native token SOL was trading at $138.70 when writing, down over 13%
monthly, but up 540% year-to-date. Featured image from
DALL-E, chart from TradingView.com
Solana (COIN:SOLUSD)
Historical Stock Chart
From Jul 2024 to Aug 2024
Solana (COIN:SOLUSD)
Historical Stock Chart
From Aug 2023 to Aug 2024