Solana and Meme Coins Are Hugely Positive – Bitcoin Is Driving the Market

The recent Bitcoin rally is also good for leading altcoins. This is particularly clear with Solana (SOL) and some popular meme coins such as Dogecoin (DOGE), PEPE and BONK. Does the development have potential?

Before the weekend, the crypto charts paint a positive picture: The key currency Bitcoin (BTC) has catapulted itself to well over 60,000 US dollars with a 20 percent increase in the last seven days, and the new ETFs in the USA are having an effect. Infected by the optimism of Bitcoin investors, leading altcoins are also in an upward trend and Solana is noticeably strong here with a weekly increase of 30 percent. SOL is currently trading at around $133 and is approaching a two-year high. Solana has been pumping again since fall 2023 and has also attracted meme coins into its ecosystem.

Read morfe about the development of Solana and find the latest financial news of the day with our companion app Born2Invest.

From BONK to PEPE to Dogecoin – meme coins in rally mode

As the number one Solana meme coin, BONK is currently up a good 80 percent weekly and even up almost 3,000 percent over twelve months. dogwifhat (WIF) , which was only launched in December 2023 as a competitor to BONK in the Solana ecosystem, is now boasting a 180 percent weekly increase and is recording a new all-time high. It is obviously true once again that meme coins have a stronger impact on trends in the overall market than altcoins with serious use cases.

This can also be observed with Dogecoin (DOGE) , the mother of all meme coins. DOGE gained a good 40 percent for the week and Dogecoin moved back into the top ten global cryptocurrencies with the highest capitalization. But while Bitcoin and, to some extent, Solana are already eyeing their historical all-time highs, Dogecoin is still 84 percent short of this individual mark. By the way, the meme coin PEPE shoots its own bird with a weekly increase of 142 percent; clearing up the inglorious past pays off here.

Conclusion: All eyes are on Bitcoin – impulses for Solana and Co.

You can turn the situation on the crypto markets back and forth almost at will – without Bitcoin as a pioneer, both positive and negative impulses are rare there. Solana has been convincing with positive news for months and there is a clear revival of the decentralized finance (DeFi) sector in the ecosystem.

The special topic of meme coins with its violent price fluctuations demonstrates the high risk appetite of this special group of investors, not only in the Solana ecosystem. But these investors also know that without a strong Bitcoin, the tide is likely to change again quickly.

__

(Featured image by Tima Miroshnichenko via Pexels)

DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.

This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.

First published in BLOCK-BUILDERS.DE. A third-party contributor translated and adapted the articles from the originals. In case of discrepancy, the originals will prevail.

Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us