Solana’s meme coin ecosystem is heating up, with several tokens rising in price today.
Leading the pack is Myro (MYRO), which is up 15% in the last 24 hours alone.
MYRO Continues its Upward Momentum with $22 Million in Spot Trading Volume
After falling as low as $0.145 yesterday, MYRO rose as high as $0.167 today.
The token’s price action saw it create a series of higher highs and higher lows, which is considered a bullish signal.
MYRO even climbed above the 20-period exponential moving average (EMA) on the 4-hour chart, indicating that bullish momentum is developing.
The token’s rally also led to an increase in trading volumes.
More than $22.5 million worth of MYRO changed hands in the last 24 hours, an increase of 29% from the previous day.
However, MYRO remains trapped in a descending channel on the daily chart.
So there is a good chance that further upside will be limited in the short term unless MYRO can close above the upper boundary of this channel.
Regardless of the token’s long-term prospects, one thing is certain: it’s shaping up to be a strong weekend for MYRO investors.
Solana Meme Coins See Significant Increase in Market Cap and Trading Activity
The buying frenzy is not limited to MYRO today.
Data from CoinGecko shows that the combined market capitalization of all Solana-based meme tokens jumped around 10% in the last 24 hours to a whopping $7.7 billion.
Additionally, coin volume worth over $1.5 billion was generated on exchanges during the same period.
The market was led by WIF and BOME, both of which jumped 10% since yesterday.
POPCAT is also recovering, with the cat-themed token up 11%.
However, the biggest gainer is PONKE, which jumped 23% to $0.175.
Of course, no coin binge would be complete without a few chips being left behind.
BODEN was the unfortunate loser, falling 13% as retail traders looked elsewhere.
As is often the case with these speculative rallies, there was no obvious catalyst driving this momentum.
This may be a battle of FOMO captivating traders, who are piling into animal-themed tokens on Solana in the hopes that this could be the start of the next bull cycle.
And with the Crypto Fear & Greed Index hitting 66, now in “Greed” territory, meme coin enthusiasts appear to be betting on a further rise in their favorite tokens.
Which Solana Meme Coin Could Be Next to Rise?
While MYRO got all the attention today, traders are already looking for the next potential pump candidate on Solana.
One name that seems to be on traders’ radars is Sealana (SEAL), a seal-themed token currently raising funds through a limited-time presale.
SEAL Token Presale Goes Viral, Crosses $370,000 Milestone in One Week
The SEAL presale raised over $370,000 in just over a week after it went live.
At the current rate of 6,900 SEAL per SOL, the project is gaining momentum within the “degen” community.
Some even draw parallels with the success of the Slothana token (SLOTH).
This sloth-inspired meme coin has risen over 70% from its pre-sale price since launching on DEXs last week.
Early SEAL investors are hoping this will be the next Solana-based joke token to go viral.
Things certainly seem to be heading in that direction.
Every day, hundreds of new members join the Sealana group. Twitter and Telegram channels. Subsequently, her social following arguably eclipsed where Slothana was at this point.
Additionally, the token was ranked third on ICOBench.com’s list of upcoming crypto launches to watch.
All of this took place when Sealana had no use cases to speak of.
Yet, as seen with success stories like BONK and WIF, the lack of use cases can sometimes be the biggest selling point of these coin projects.
So, SEAL might be worth checking out for those looking for the next under-the-radar token that could potentially blow up on Solana.
Visit the Sealana presale
reference: watcher.guru