- Solana is becoming a meme coin hotspot following the launch of the second trending token in this category.
- The Silly Dragon altcoin is trading at $0.140 following a 160% rally in the last seven days.
- Solana price and BONK have also managed to chart over a 22% growth in the last 24 hours.
Solana entered the list of meme coin-supporting blockchains this year with the launch of Bonk, and it seems like the growth of this field will likely continue in 2024 as well. The reason behind this is another meme coin on the chain that recently achieved immense gains before the year.
Solana-based “SILLY” meme coin
Over the past couple of days, a Solana-based meme coin, Silly Dragon, has been charting a considerable increase. The cryptocurrency, which goes by the ticker ‘SILLY’, has achieved a 161% rally in the last week, rising from $0.0543 to $0.1419 at the time of writing.
SILLY/USD 1-day chart
In the previous 24 hours, the meme coin closed at a 15% increase. However, it managed to rise by more than 31% during the intra-day trading hours. With a market capitalization of $140 million and a trading volume of $33 million in the past 24 hours, it is safe to say that the altcoin could witness a liquidity collapse at any time should any of the whale holders decide to sell so it is important for investors to remain cautious.
‘Silly Dragon’, as noted by the cryptocurrency database website CoinMarketCap, is a character that emerged from the Solana ecosystem. This character was introduced officially by Anatoly Yakovenko, co-founder of Solana, during Halloween 2023.
Furthermore, as of now, unverified claims state the total circulating supply of the meme coin is 1 billion SILLY tokens with no transaction tax.
Solana might become a meme coin host
This is the second meme coin that has not only emerged but also rallied considerably in the past couple of weeks on Solana. The first to achieve this was Bonk, another dog-based meme coin that almost rallied 176% on the day it was listed on Coinbase.
Although the value of the token has since declined significantly, the altcoin still managed to register a 22% growth in the last three days before correcting by 8% on Friday to bring the trading price to $0.00001576.
BONK/USD 1-day chart
The sudden surge in value was also reflected in Solana price action as the altcoin witnessed a 5.7% increase over the past 24 hours. Trading at $106, the cryptocurrency is attempting to recover the 15.82% crash witnessed over the holidays.
While the surge of such meme coins might serve as a boost to Solana price, consistent repetitions might result in the blockchain achieving a reputation that could hurt its growth to the spot of the fourth biggest crypto asset in the world.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Polygon joins forces with WSPN to expand stablecoin adoption
WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.
Coinbase envisages listing of more meme coins amid regulatory optimism
Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B
As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: Rally expected to continue as BTC nears $100K
Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.