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Solana, Dogwifhat Defy Market Correction Odds, Fuelled by Meme Coin Mania
- Solana (SOL) stands out as the only major crypto experiencing gains, with a 7% increase in the last 24 hours.
- The Solana network has gained attention for hosting unique memecoins like “doland tremp” and “jeo boden,” alongside others such as dogwifhat (WIF).
- The surge in memecoin popularity is underscored by institutional interest, with asset managers and well-known industry figures expressing enthusiasm.
- Despite the hype, some voice their criticism over the potential for market instability driven by memecoin rallies.
In a sea of red, Solana is currently the only major digital asset making gains. SOL has increased in price by 7% over the past 24 hours, despite Bitcoin and Ethereum taking a breather. SOL currently trades for USD $176.50 (AUD $269) well underway to meet its all-time high of USD $260.06 (AUD $396.30).
Related: Elon Musk: Buying Tesla with DOGE ‘Possible at Some Point’
There has been much wow around memecoins and airdrops on the Solana network, especially Bonk and dogwifhat. Additionally, the presidential election in the United States encouraged someone to create presidential memecoins unrelated to the hopeful elects: ‘doland tremp’ (tremp) and ‘jeo boden’ (Boden).
Both are also hosted on the Solana network, which showcases its high speed and low fees—something Ethereum is still struggling with despite the recent Dencun upgrade.
When we first reported on these two memecoins, it wasn’t entirely clear if they are rug pulls (it actually still isn’t), as their price had dropped. However, both have since made gains, albeit in choppy waters.
But dogwifhat is currently the best performing asset, even surpassing Solana, with gains of 13% in the past 24 hours. The token with absolutely no use case—according to people behind it—has gained an impressive 650% in the past month, going from USD $0.36 (AUD $0.54) to now USD $3.29 (AUD $5.01).
Every Tom, Dick, and Harry Getting in on Memecoins
It looks like degen-season is in full swing. Asset managers Franklin-Templeton released recently a report on memecoins, indicating that institutions might be getting in on the fun of memes.
Additionally, dogwifcoin’s fans have raised hundreds of millions to display the little dog on the Las Vegas Sphere.
It seems everyone is getting onboard the memecoin train, with industry heavy-weights Arthur Hayes and Raoul Pal publicly voicing their support.
Hayes, co-Founder of BitMEX, said on X:
The hat stays on while I count to $10. LFG fam are you WIF me?
Arthur Hayes RealVision founder and former Goldman Sachs man Raoul Pal, commented on the extraordinary gains WIF has made, saying he was not here to shill WIF but to enjoy the crypto mania:
There is no mania like crypto mania… (yes, I have a small bag <2%, no I’m not shilling it, merely enjoying the fun).
Raoul Pal Related: Swissblock Analysts Say Bitcoin Could Hit $58k Soon
Others are more critical of the recent meme graze, citing previous market tops and crashes which have been caused by memecoin rallies. Ryan Adams merely said, “this is why we can’t have nice things.”
Author
Aaron Feuerstein
Aaron Feuerstein is a freelance writer based in Melbourne. His focus is on decentralised finance and the regulatory space surrounding blockchain. He holds a Master's in Accounting. When he is not studying the latest legal case, he enjoys his time as a modest but eager hobby cook.
