Why These Solana Meme Coins Are Surging?

In the crypto market, where trends can shift as swiftly as the wind, a new meme coin has emerged on the Solana (SOL) network. It is sending shockwaves through the industry.

Despite the typically short-lived moments of meme coins in the spotlight, these assets continue to captivate investors with their potential for astronomical gains.

Solana Meme Coins On the Rise

Dogecoin, not to be confused with the original Dogecoin (DOGE), experienced an astonishing surge in value, rising by an incredible 1,401,490% in just a single day. However, as of writing, it has almost retraced back to previous levels.

Data from DEXtools shows that Dogecoin’s total market capitalization now stands at $86,160, with liquidity reaching $25,530 and a 24-hour trading volume of $60,000.

The surge of Dogecoin on Solana comes amidst a broader uptrend in the ecosystem. However, potential investors should exercise caution, as Dogecoin’s liquidity remains relatively low. It is worth noting that low liquidity can increase volatility, posing challenges for traders looking to enter or exit positions.

Read more: Dogecoin (DOGE) vs Shiba Inu (SHIB): What’s the Difference?

Another meme coin on the Solana blockchain, Dogwifhat (WIF), has experienced an unprecedented surge, catapulting by over 25% in the past 24 hours alone. This surge generated significant buzz within the crypto community.

The remarkable ascent of WIF coincides with the broader uptrend in the crypto market, fueled by Bitcoin breaching the $50,000 threshold and the onset of what many refer to as the altcoin season. However, WIF’s price has surged due to the iconic basketball player – LeBron James’ outfit.

LeBron’s unintentional impact on Dogwifhat’s surge came from a simple act — wearing a hat similar to the Dogwifhat meme after a game. Crypto fans quickly latched onto this, causing a wave of memes, speculation, and talks among community members.

Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024

Even without LeBron commenting or endorsing crypto, his hat choice significantly impacted Dogwifhat’s price movement.

“LeBron singlehandedly pumped $WIF to $0.40 today. We’re so back,” a pseudonymous X user Clemente said.

Moreover, Smog (SMOG), another Solana-based meme coin, has surged by over 2,500% within one week.