The Solana blockchain is witnessing a rising trend in animal-themed meme coins, with Dogwifhat (WIF) recently achieving significant growth. In parallel, another such token has been gaining value, indicating a sustained interest in these playful assets.
New Contender Catapults to Success
A fresh meme coin dubbed MEW, likened to cats among dogs, has seen its value skyrocket by over 120% on March 29, amassing a $513 million market cap within just two days of trading. By the weekend, MEW’s worth soared further, reaching $0.008 per token and pushing its market cap over $700 million.
The rise in popularity for MEW could be attributed to an endorsement from BitMex founder Arthur Hayes. The Solana ecosystem’s meme coins often experience rapid valuation spikes shortly after launch, sparking both intrigue and skepticism within the crypto community. Critics argue that the frenzy for meme coins can overshadow more substantive projects with practical applications and planned development paths.
A Closer Look at Current Meme Coin Dynamics
Controversies have not been absent in this meme coin boom. Slerf (SLERF) drew criticism when developers mistakenly destroyed $10 million of funds raised during a presale. Despite this, SLERF retains a strong market position as the fourth-largest meme coin on Solana, with a market cap over $400 million.
Other meme coins continue to make waves, with WIF hitting a $4.25 billion market cap on March 29, overtaking Pepe (PEPE) and becoming the third-largest meme coin project. WIF’s weekly price increase of 90%, with a monthly surge of approximately 450%, has caught the attention of investors. Concurrently, Solana’s native token SOL ended March 30 with a 4% uplift, hinting at a possible surge to a $300 target post-Bitcoin halving, according to one analyst.