NOIDA (CoinChapter.com)— The SOLAR memecoin, by Solana-based decentralized exchange Solar Swap that launched on March 11, is an example of the kind of memecoins that make traders crazy.
The Solana blockchain has been pumping out new tokens and projects faster than most sweatshops produce sneakers in Bangladesh. Moreover, the resulting hype, while benefiting the new projects, also helped the SOL price register massive gains in March 2024.
Additionally, Solana and its token have literally become the talk of the crypto town, featuring in the top trending projects list on CoinMarketCap and Santiment. Solar Swap is another of Solana’s blockchain babies, promising the usual mix of “exceptional speed, minimal fees,” etc.
SOLAR Spikes To ATH At Light Speed
Solar Swap’s native token, SOLAR, launched on March 14 with a price listed near $0.0025.
After launching, the token’s price action went south, likely due to early adopters booking profits. However, once the SOLAR price hit rock bottom on March 18, the token’s price action went nearly vertical.
The Solar Swap token price racked up 634% gains from its all-time low to reach $0.00593 on March 19. Surprisingly, the rally has continued, showing no signs of stopping. However, the token has no bullish cues that account for its rally.
So What Is Pushing The Solar Swap Token?
Hype… pure, unadulterated hype. Solar Swap’s social media page celebrates everything, including a listing of the token on the price-tracking website CoinMarketCap.
Hype around the token helped Solar Swap become one of the top trending projects on March 19. The project, which claims to be the “epitome of innovation and efficiency” in its white paper, has promised users upcoming centralized exchange listings for the SOLAR token.
In the current market scenario, investors are looking to book instant profits and rake in millions. The mid-February to March memecoin mania has resulted in traders looking at small-cap tokens like SOLAR, or days-old memecoins with no tokenomics, to find a project worthy of investment.
Yet, small-cap tokens, more often than not, wipe out users’ investments. 10x or 20x gains are good, but traders should realize that such trades also carry the risk of tanking completely.
