NAIROBI (CoinChapter.com) — Solana-based meme coin market surged over the past year, reaching a market cap of $6.1 billion.
Dogwifhat (WIF)
Dogwifhat (WIF) has seen considerable market activity over the past year, establishing itself as the 55th largest project by market cap, valued at $1.55 billion. Despite a steep 67.6% decline from its all-time high of $4.83, analysts at CoinCodex expect WIF to reach a new high of $5.26 by Oct. 9, 2024, amid growing interest in the token.
As per onchain analytic firm Lookonchain on Sept. 10, two whale addresses purchased a combined 20.58 million WIF tokens, equivalent to $33.35 million. This considerable purchase has been viewed positively by market observers, including Pseudo analyst MuroCrypto, who remarked on the strength of WIF’s current chart patterns, suggesting robust bullish potential.
In the derivatives market, however, there’s a contrasting sentiment. Trading volume has fallen by 40.66% to $617.94 million, and open interest is down by 2.63% at $209.08 million, signaling a bearish market stance. Yet, the long/short ratios on OKX and Binance are 3.12 and 1.9464, respectively, showing that some traders remain optimistic about WIF’s prospects.
Bonk (BONK)
Bonk made an explosive entrance into the crypto market, soaring nearly 3,000% in its first year. Known for its dramatic price surges in December 2023 and again in March and May 2024, Bonk currently trades at $0.0000167 with a market cap of $1.18 billion.
Bonk is under pressure, consistently trading below both its 50-day and 200-day moving averages, signaling ongoing bearish trends. Furthermore, the Relative Strength Index (RSI) at 43.78 indicates weak momentum, reinforcing the negative outlook.
Pseudo analyst, Cold Blooded Shiller revealed a critical support level that, if broken, could lead to further declines. Although there’s a slight bullish divergence suggesting a possible upward move, the overwhelming market sentiment is bearish. If Bonk fails to hold above this support, the price could drop to new lows, challenging its ability to recover in the short term.
Popcat (POPCAT) rallies 13%, Solana meme coin on track for $2
Popcat (POPCAT) is another Solana-based meme coin to watch. It is down 42.2% from its all-time high of $0.9939, reached in July 2024. However, CoinCodex predicts that Popcat could surpass the $2 mark by Oct. 9, 2024, raising investor optimism about the token’s potential.
On Sept. 12, Popcat surged by more than 13%, reaching $0.6812—its highest level since late Aug. The token has gained 152% since its August low, boosted by rising market demand and a surge in futures open interest, which climbed to $63 million from $17 million last month.
Notably, a whale recently swapped $800,000 worth of Dogwifhat (WIF) for Popcat, while another trader made a $4 million dollar-cost averaging trade, boosting confidence in the token.
Crypto analysis firm Cryptonary raised Popcat’s price target to $40, suggesting a potential 5,800% rise. Analysts attribute this optimism to Popcat’s decentralized ownership. CoinCarp data shows the top 10 holders control only 15% of the supply, reducing the risk of whale-driven price manipulation compared to tokens like Brett and Pepe.
Despite the varied performance across these Solana-based meme coins, the market remains highly speculative, with traders keeping a close watch on upcoming price movements.
