This ‘SILLY’ Solana meme coin is making records after Bonk, rallying by 160% in a week

Solana entered the list of meme coin-supporting blockchains this year with the launch of Bonk, and it seems like the growth of this field will likely continue in 2024 as well. The reason behind this is another meme coin on the chain that recently achieved immense gains before the year.

Solana-based “SILLY” meme coin

Over the past couple of days, a Solana-based meme coin, Silly Dragon, has been charting a considerable increase. The cryptocurrency, which goes by the ticker ‘SILLY’, has achieved a 161% rally in the last week, rising from $0.0543 to $0.1419 at the time of writing.

SILLY/USD 1-day chart

In the previous 24 hours, the meme coin closed at a 15% increase. However, it managed to rise by more than 31% during the intra-day trading hours. With a market capitalization of $140 million and a trading volume of $33 million in the past 24 hours, it is safe to say that the altcoin could witness a liquidity collapse at any time should any of the whale holders decide to sell so it is important for investors to remain cautious.

‘Silly Dragon’, as noted by the cryptocurrency database website CoinMarketCap, is a character that emerged from the Solana ecosystem. This character was introduced officially by Anatoly Yakovenko, co-founder of Solana, during Halloween 2023. 

Furthermore, as of now, unverified claims state the total circulating supply of the meme coin is 1 billion SILLY tokens with no transaction tax.

Solana might become a meme coin host

This is the second meme coin that has not only emerged but also rallied considerably in the past couple of weeks on Solana. The first to achieve this was Bonk, another dog-based meme coin that almost rallied 176% on the day it was listed on Coinbase.

Although the value of the token has since declined significantly, the altcoin still managed to register a 22% growth in the last three days before correcting by 8% on Friday to bring the trading price to $0.00001576.

BONK/USD 1-day chart

The sudden surge in value was also reflected in Solana price action as the altcoin witnessed a 5.7% increase over the past 24 hours. Trading at $106, the cryptocurrency is attempting to recover the 15.82% crash witnessed over the holidays.

While the surge of such meme coins might serve as a boost to Solana price, consistent repetitions might result in the blockchain achieving a reputation that could hurt its growth to the spot of the fourth biggest crypto asset in the world.