9 July 2024
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.
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%.
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