SILLY Solana meme coin rallies 40% as Chinese New Year narrative kicks in

Solana-based Bonk (BONK) kicked off the trend of meme coin price rallies in December 2023. With the upcoming Chinese New Year on February 10, Silly Dragon (SILLY) eclipsed other meme coins to offer 42% weekly gains to holders. 

New era meme coin price rallies have been catalyzed by developments in the past four weeks. Dogwifhat’s (WIF), Memecoin (MEME) and BONK noted a spike in their prices, with SILLY leading the gains, on Thursday.

Also read: Bitcoin price trades sideways below $43,000 as altcoin season kicks off

SILLY moves markets alongside Solana meme coins

Silly Dragon token gained popularity riding the wave of Solana ecosystem meme coin rallies and the upcoming Chinese New Year, “Year of the Dragon.” SILLY price offered holders 43.95% gains in the past week. 

Solana-ecosystem meme coin rallies have failed to catalyze gains in SOL price. In the past week, SOL price dropped nearly 2% while SILLY and WIF prices rallied 42% and 150% respectively. Solana meme coins gains therefore come alongside liquidation in SOL, $3.2 million in long positions were liquidated in the past 24 hours, according to Coinalyze data. 

After being the subject of criticism for its close ties with bankrupt FTX exchange’s Samuel Bankman-Fried, Solana has come a long way. From “Sam” coin to a bustling meme coin ecosystem host, SOL’s comeback is likely catalyzed by several factors. 

The ongoing altcoin season, the general optimism among market participants, following Bitcoin ETF approval by the Securities and Exchange Commision and a surge in activity on the Solana chain. BONK’s airdrop to Solana phone users and the token’s massive price rally in December, where it climbed to a peak of $0.0000349 were among major catalysts driving gains in the ecosystem’s meme coins. 

SILLY was recently listed on HTX exchange. It ranked among the top gains post listing on the exchange platform. 

SILLY has generated $4 million in open interest in the past 24 hours, an increase of 40.15% in the same timeframe. $15,500 in shorts were liquidated in SILLY in the past day and long positions dominate shorts on derivatives exchanges. 

SILLY Long/Short statistics

The data from Coinalyze reveals that derivatives traders are likely bullish on SILLY and the sentiment is likely shared by spot markets as well, as the meme coin posts nearly 25% daily gains. 

SILLY pump yields massive gains, China coins next?

In the anticipation surrounding the upcoming Chinese New Year, China coins Conflux (CFX), NEO, Alchemy Pay (ACH), Filecoin (FIL), VeChain (VET) and Quant (QNT) could see their prices rallying, according to crypto expert on X (formerly Twitter), @Mangyek0. 

The crypto analyst has identified top gaming and cartel coins that could see similar price action as Solana-based meme coins ahead of February 10. @Manyek0 listed the assets in a recent tweet:

The Chinese New Year is a significant event for Asian traders, given how experts believe crypto price discovery starts in the East, the volatility in crypto prices in the next four weeks could catalyze rallies or price corrections in Solana ecosystem tokens like SILLY, BONK, WIF and gaming/cartel coins.