Solana-based meme coins have emerged as notable contenders within the crypto market, outperforming the biggest cryptocurrencies akin to 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 america, is seen as a possible catalyst for these tokens, based on market expert Leshka.
In a recent evaluation, Leshka explained that Solana memes have turn into the dominant narrative of this market cycle, raising expectations for his or her potential growth following a possible Solana ETF market approval by the US Securities and Exchange Commission (SEC).
Top Solana Meme Coins To Watch
Leshka began by depicting cat-based meme coin POPCAT, which has recorded a 55% price increase previously 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 crucial relevant mid-cap memes on Solana, highlighting a “strong community” despite lacking intrinsic value.
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Next, Leshka highlighted the MICHI token, one other cat-based meme coin within the Solana ecosystem. In response 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 approaching months.
Bonk Inu, one other meme coin that has gained significant attention in recent months, was also mentioned by the analyst, which has recorded a 20% price increase previously 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 one other meme coin with the potential for further gains.
Political Meme Coins
Moving on, Leshka spotlighted Dogwhifhat (WIF), currently the highest Solana-based meme coin available in the market cap, which has gathered 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 within the monthly timeframe 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 because the upcoming November elections approach.
Leshka noted OBEMA, a meme coin featuring Michelle Obama, as a “dangerous play” lacking inherent value or anticipated financial gain. Nevertheless, the analyst identified the potential for a 10x-20x return if Joe Biden were to go away the presidential race.
Leshka also mentioned BODEN, a meme coin featuring Joe Biden. Although its popularity has waned, an “unexpected event” within the race for the White House could give it a final boost, especially if the president manages to win the election in November.
The every day chart shows SOL’s price recovery previously 24 hours. Source: SOLUSD on TradingView.com
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