Investing in Solana meme coins has proven immensely profitable since the beginning of the year. However, the market hasn’t been without its pitfalls, with some investors facing losses due to rug pulls and inefficient developers. Despite these risks, certain meme coins on the Solana blockchain, such as BOME and WIF, have performed exceptionally well, achieving market caps exceeding $1 billion. So, is it time to sell or should you hold for potential future gains? Here are four Solana meme coins worth exploring.
1. Solana Meme Coins – Book of Meme (BOME)
Book of Meme is a unique meme coin on the Solana blockchain, launched by crypto artist Darkfarms. It serves as a digital archive for memes, blending its playful nature with real-life tech solutions like Arweave and IPFS to achieve its goals. The developer has plans to expand to Bitcoin in the future, promising continued innovation in the realm of digital archiving.
BOME serves as the official token for the Book of Meme project, incentivizing users to engage in decentralized storage activities. Additionally, BOME is tradable on multiple crypto exchanges. Currently priced around $0.009863, BOME recently made headlines as the first cryptocurrency to achieve a $1 billion market cap in a single day.
@CoinbaseIntExch will add support for BOOK OF MEME and Notcoin perpetual futures on Coinbase International Exchange and Coinbase Advanced. The opening of our BOME-PERP and NOT-PERP markets will begin on or after 9:30am UTC 20 June 2024. $BOME $NOT pic.twitter.com/E05WDJ896W
— Coinbase International Exchange 🛡️ (@CoinbaseIntExch) June 13, 2024
Coinbase announced on June 12 that it plans to support BOME perpetual futures on both Coinbase Advanced and Coinbase International, further boosting its market presence. As of now, BOME’s market cap stands at $678 million, with its price holding above a significant support level of approximately $0.0085. This support level could potentially act as a launching pad for BOME’s price to revisit its previous all-time high.
2. Dogwifhat (WIF)
Dogwifhat is a meme coin on the Solana blockchain, featuring a dog rocking a distinctive beanie hat as its mascot. This meme coin achieved a significant milestone by surpassing the penny mark, soaring to an impressive high of $4.83. Early investors reaped extraordinary returns, witnessing a staggering 1574x increase from its all-time low of $0.00155 just six months ago.
WIF is currently trading at $2.45, a 2.7% decline in the past 24 hours. Despite this, it boasts a substantial market cap of $2.4 billion.
WIF’s trading volume increased by 27% in the past 24 hours, showing increasing investor interest. Down 49% from its all-time high price of $4.83, WIF has found a solid support zone around the $2.2 price level.
The asset has traded above this zone for over three months now. The support level has been tested 6 times and has proven to be solid. WIF price may find a bouncing point from here and break the previous all-time high.
3. Bonk (BONK)
Bonk is one of the top crypto meme coin sensations of 2023. After coming on to the scene in December 2022, Bonk saw massive gains late in the following year, catapulting it into the billion-dollar market cap zone.
The current market cap of Bonk is $1.59 billion, with a price of $0.000024 at press time. Marketed as a meme coin for the people, Bonk developers airdropped 50% of the supply to the Solana community. BONK’s 24-hour trading volume is up 25%, signaling a recent spike in market activity.
BONK price action shows a gradual rising trend in which it makes higher lows. BONK price may begin an ascent from this price as $0.000022 offers support from further downside. After listing on Coinbase Futures, Bonk has gained even more legitimacy with investors and may be seeing some more uptrends soon.
4. Wen (WEN)
Wen is a pioneering meme coin on Solana launched by developers of Jupiter, the leading decentralized exchange on the network. The asset was launched as an experiment to see how the community would receive the upcoming JUP token and to also test out whether the project could sustain huge traffic.
Beyond that, Wen leverages Ovols fractional NFT technology and introduces the Wen New Standard (WNS), a new framework for launching tokenized assets on the Solana blockchain.
Despite such strong tech fundamentals and backing, WEN price is down 74% from its all-time high. However, this should be a call-to-buy for investors as the asset is only 7X from its all-time low price. At a $96 million market cap, WEN may have the potential to surge back to and beyond the previous all-time high price. WEN’s 24-hour daily volume is up 11%, showing an uptick in investor interest.
Bottom Line
Solana meme coins present opportunities for making profits or losses. All meme coins presented on this list have experienced some uptick in trading volumes, indicative of increasing investor interest. Tech-savvy investors might find these, and more Solana meme coins interesting to invest in.
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Evans Karanja is a content writer and scriptwriter with a focus on crypto, blockchain, and video gaming. He has worked with various startups in the past, helping them create engaging and high-quality content that captures the essence of their brand. Evans is also an avid crypto trader and investor, and he believes that blockchain will revolutionize many industries in the years to come. When he is not writing, you can find him playing video games or chasing waterfalls.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
