Three Solana-based meme coins to watch this week as the market prepares for another bullish round.
The crypto market is about to enter the second phase of this ongoing bull season after the past weeks of downturn. With the recent recoveries, investors may be wondering which altcoins are worth the buy as the bull gradually emerges.
Typically, meme-based altcoins come to mind as they have repeated histories of leading the frenzies in a bull market. However, meme coins launched on the Solana blockchain stood out in the initial phase of this bull cycle.
According to a research report by market tracker CoinGecko, the top ten leading meme coins on Solana surged cumulatively by over 801.5% in the first quarter of the year. In perspective, the Solana meme coins added $8.32 billion to their market cap in three months, compared to the earlier figure of $1.04 billion.
This data establishes the bullish capability of Solana meme coins. As the green market rolls in, The Crypto Basic pinpoints a few meme coins worth considering from the Solana ecosystem this week.
Cat in a Dogs World (MEW)
Over the last week, Cat in a Dogs World (MEW) printed an impressive 48.44%. However, with a market price of $0.003765, MEW has invalidated most of last week’s gains. Despite this, it remains a meme coin to monitor this week, especially following endorsements from influential personalities within the crypto community.
Widely followed X user Xremlin claimed to have transformed $5,000 to pricy $200K twice with meme coins. As a result, he recommended that crypto enthusiasts study MEW, among other meme coins.
This spring, I turned $5k into $200k twice with memes
As we enter a meme supercycle, master the right strategy…
You could make your first million. Study $WIF, $MEW, or $BODEN
🧵Here’s your Ultimate Guide to Profiting from Shitcoins pic.twitter.com/y646HPQSOE
— Xremlin (@0x_gremlin) May 7, 2024
CoinMarketCap data highlights that MEW experienced a dramatic rise from its all-time low of $0.000844 on March 27 to a high of $0.01034 on March 31. This trajectory marks an extraordinary gain of 1,125% in just four days.
Popcat (POPCAT)
Despite a 7.85% drop in value over the past 24 hours, POPCAT still holds onto over 23% of the gains it accumulated in the last week. POPCAT is garnering attention as it is currently among the assets spearheading the narrative in the meme coins space.
This is supported by the fact that the Solana-based meme coin has sustained a significant 54% increase over its 30-day performance, even as many others face losses. Market observers anticipate that POPCAT will make a substantial move as it has continued to demonstrate resilience in the face of Bitcoin’s recent pullback.
$POPCAT
BTC is dumping but this is so strong.
Bought it for my spot bag, the next leg up soon.#popcat #POPCAT pic.twitter.com/yc2BNne1SA
— Nihilus (@nihilus_XBT) May 8, 2024
BONK
BONK remains a noteworthy meme coin, especially considering its position as the premier Solana meme coin. Last year, BONK experienced a meteoric rise of over 17,000% during a period of intense airdrop activity.
Even with the arrival of new competitors, BONK has maintained its position with a market capitalization surpassing $1.53 billion. In the past two weeks, BONK has orchestrated impressive rallies that have reversed all its losses from the last 30 days, resulting in a now positive one-month performance.
As of the latest update, BONK is trading at $0.00002401, preserving 13% of its one-week gains despite a 24-hour decline of 4.27%.
