Solana-based meme coins' outlook improves, casting shadow over Dogecoin, Shiba Inu
- Solana meme coins Bonk, Myro, Boden, GME are rallying, gaining ground against Dogecoin and Shiba Inu.
- SOL-based meme coins gain mindshare and note higher trade volume while interest in large market cap memes wanes.
- Market capitalization of Solana-based meme coins is $8.48 billion.
Solana-based meme coins Bonk (BONK), Myro (MYRO), Boden (BODEN) and GME rallied in the past 24 hours. The meme tokens have posted gains as traders shift focus from large market capitalization memes like Dogecoin (DOGE) and Shiba Inu (SHIB) to assets in the Solana ecosystem.
A recent report from Coinmetrics shows that Solana-based meme coins have observed higher trading activity and volume in 2024 compared to DOGE and SHIB.
Solana-based meme coins BONK, MYRO, BODEN and GME extend gains
Data from CoinGecko shows that large market capitalization meme coins Dogecoin and Shiba Inu extended their losses in the past 24 hours. At the same time, while most Solana-based meme coins are hit by a correction, BONK, MYRO, BODEN and GME are rallying.
BONK, MYRO, BODEN and GME posted 9%, 6%, 15% and 17% gains in the past 24 hours, respectively. These Solana-based assets are likely leading the category toward a recovery from the recent correction.
A recent report from Coinmetrics notes that when viewed through the lens of relative trading volumes, older meme coins like DOGE and SHIB’s influence seem to be waning. PEPE and a suite of new Solana-based meme coins now collectively represent over 50% of trading volume.
Coinmetrics has identified investor preference towards newer meme coins, as communities and blockchain systems are geared towards higher returns.
Share of spot trading volume by memecoin (%)
A BBC report states that US President Joe Biden stands with the jury’s decision that Hunter Biden is guilty of three felony gun charges. Meme coin inspired by the US President (BODEN) has noted gains since the ruling on Tuesday.
Solana-based meme coin GME rallied on the back of the news of Keith Gill, American financial analyst and investor (behind the X handle Roaring Kitty), attempting to trigger a massive short squeeze in GameStop. Gill pocketed hefty losses when attempting to trigger a short squeeze as the company launched a surprise stock offer and issued 75 million new shares.
— Roaring Kitty (@TheRoaringKitty) June 10, 2024
The market capitalization of Solana-based meme tokens is $8.48 billion at the time of writing, as seen on CoinGecko.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
