Many Solana-based meme coins also leverage NFTs, or non-fungible tokens, for branding, marketing, and community engagement, further boosting their viral appeal.
Most Solana meme coins plunge
The success of meme coins like Bonk (BONK) and Dogwifhat (WIF) has cultivated a strong retail and community-driven market. This environment encourages speculation and viral adoption, making it the perfect playground for meme coin enthusiasts.
Only a handful of meme coins have soared in the last 30 days. Would token has jumped by 24%, while Comedian, Unicorn Fart Dust, and Just a chill guy have soared by double digits.
SOL is down over 40% from its highest level this year.
Most Solana (SOL) meme coins have crashed by double digits, with the total market cap tumbling to billion.
Insiders, Pump.fun were top beneficiaries
Tading bots like BonkBot and Maestro also act as tools that allow users to instantly buy and sell meme coins directly from Telegram.
Solana meme coins have suffered a harsh reversal this year, costing retail investors billions of dollars.
A good example of this is Melania. Nansen data shows that the most profitable trader made million and has sold all of them. As shown below, most profitable MELANIA investors have dumped all their tokens.
Insiders and early adopters, popularly known as snipers, were among the top beneficiaries. On-chain data shows that most of them have dumped their tokens, making millions of dollars.
These meme coins also gain quick listings on major centralized exchanges and decentralized exchanges like Raydium (RAY) and Jupiter (JUP). This ensures high liquidity and accessibility, allowing new projects to gain traction rapidly.
Pudgy Penguins (PENGU) token’s market cap has dropped from .2 bilion to 4 million, while Melania (MELANIA) has fallen from .9 billion to 3 million.
Strong community and retail Interest
Solana’s network has generated substantial fees in the past few months, mostly from these meme coins. Data by TokenTerminal shows that Solana has made 8 million in fees in the last 180 days and 8 million this year. It has even beaten Ethereum (ETH) in the fees generated this year.
Pump.fun, the biggest token generator in Solana, has also made substantial sums of money. According to DeFi Llama, Pump has made million in fees this month and 1 million in January.
NFT and Meme Culture Synergy
One of the coin’s biggest advantages is its high-speed, low-cost transactions. With the ability to process over 65,000 transactions per second (TPS) and minimal fees, Solana differs from Ethereum, where high gas fees can hinder micro-transactions.
A closer look at most other Solana meme coins shows the same thing. This also likely explains why the price of Solana is crashing, especially after the recent Libra debacle, where it initially jumped and subsequently crashed within hours.
