Solana Meme Coins Are Dominating the Crypto Market Again, Sparked by the Bullish Strength in SOL

The Solana price has rallied nearly 28% since hitting its local bottom in Monday's crypto crash. It is currently trading at $146, with a market cap of over $68 billion.

Solana meme coins are back in the spotlight following the bullish strength in SOL, which has rallied nearly 28% since hitting its local bottom during Monday’s crypto crash.

As reported, the bottom fell out of the crypto market on Monday following a sell-off in Yen carry trades, which saw the Dow Jones and S&P 500 both tank by over 3%. This also impacted Bitcoin and Ethereum, which both fell to their lowest levels in several weeks.

However, the market has largely recovered on Tuesday thanks to a rebound in US stocks, which has seen the Nasdaq rally by 2%. This has also helped Bitcoin and Ethereum to trade back above $40,000 and $3,000, respectively.

The bullish strength in SOL is also helping meme coins, with Dogwifhat up 28% from yesterday’s low. On the other hand, Popcat has skyrocketed by over 60% while MEW has nearly doubled.

A multichain meme coin – Base Dawgz (DAWGZ) – is stealing the spotlight in its ICO, having already raised over $2.8 million.

Is The Bottom In For Solana Meme Coins?

Solana meme coins show a high degree of correlation with SOL. Smart money investors have highlighted that WIF has largely acted as a leveraged SOL during this bull cycle.

This bodes well for them in the short term. For instance, popular analyst Ali Martinez (@ali_charts) highlights that the Solana price is on the cusp of a breakout and could trade as high as $166 in the coming days.

#Solana had the brief correction to around $135! Now, breaking $146 positions $SOL for $150-$166! https://t.co/IgfhDGGasO pic.twitter.com/TRRdI206jf

A flip of its 20-day SMA – which is currently hovering at $167 – could result in a bullish continuation to $200.

Similarly, the SOL/ETH trading pair is on the verge of entering price discovery while SOL/BTC is also up by nearly 8% today.

Consequently, Solana meme coins could deliver outsized returns in the coming days, especially considering they are heavily undervalued.

For instance, the Popcat coin is currently trading at $0.456, nearly 53% below its all-time high. However, a daily close above its 10-week Simple Moving Average – which currently stands at $0.52 – could push the meme coin towards its new all-time highs.

Similarly, Dogwifhat is trading nearly 70% below its peak. However, this could change if the WIF price manages to flip its 30-week EMA at $1.90.

However, the possibility of one final correction can also not be ignored. JPMorgan claimed today that Yen carry-trade unwinding – one of the key factors behind Monday’s global equities crash – is only half done. This could mean that crypto prices could plummet again, owing to their correlation with US tech stocks.

Nevertheless, today’s crypto recovery has proven beyond doubt that Solana meme coins will continue to outperform most other asset classes for the rest of this bull run.

What’s The Next 100x Meme Coin?

Early WIF and Popcat buyers have already earned more than 100x returns. Experts believe that Base Dawgz could offer a similar opportunity after its launch.

DAWGZ is currently in its presale stage, which allows investors to focus on its fundamentals and ignore the uncertainty in the broader crypto market. Unsurprisingly, it has already raised over $2.8 million.

Congrats on passing 2.8 million $DAWGZ ?We’re getting closer. And hopefully we can give you an update next week ? pic.twitter.com/mRvjOMwD6F

As the name suggests, Base Dawgz is native to the Base chain, which bodes well for its post-launch price potential. After all, Base meme coins are in high demand after Brett’s success.

However, DAWGZ is also a multi-chain meme coin, which will also go live on Solana, Ethereum, Avalanche and BNB Smart Chain. As a result, it can benefit from the upcoming bull rally in Solana meme coins.

Base Dawgz is also not an ordinary meme coin. Instead, it has come up with innovative solutions to attract new investors and build strong community backing. For instance, investors can share posts related to the meme coin on social media and earn airdrop points.

Similarly, they can earn a percentage of the presale investments made through their unique referral link. If this isn’t enough, DAWGZ holders can stake their coins and earn attractive rewards on each of its 5 chains.

Visit Base Daw

The above is the detailed content of Solana Meme Coins Are Dominating the Crypto Market Again, Sparked by the Bullish Strength in SOL. For more information, please follow other related articles on the PHP Chinese website!