Meme Madness: Dogecoin’s 1,401,490% Spike in a Day
Other meme coins based on the Solana network including Dogwifhat (WIF) and Smog (SMOG) also experienced significant gains during the rally.
In a surprising turn of events, meme coins on the Solana network witnessed an explosive surge with astronomical returns within a 24-hour period, as reported by DEXtools data. Leading the pack in terms of gains was Dogecoin, a canine-themed cryptocurrency based on the Solana network, which recorded a staggering surge of 1,401,490% in just a single day.
It is worth noting that this unprecedented growth was short-lived, as the asset quickly retraced back to its previous levels. The Solana-based Dogecoin currently boasts a relatively low liquidity of $25,530, a market cap of $86,160, and a 24-hour trading volume of $60,000.
Analysts caution potential investors to approach the meme coin with caution due to its low liquidity, which may pose challenges. Additionally, existing investors looking to exit the market may face difficulties due to the same reason.
Meanwhile, Dogwifhat (WIF), another popular meme coin on the Solana network, also experienced a significant rally of 25% within a 24-hour period, coinciding with the broader crypto market’s upward movement. Interestingly, this surge was reportedly triggered by Bitcoin reaching a new yearly high of $50,000.
The unexpected spike of WIF has been attributed by some crypto analysts to basketball legend LeBron James unintentionally sporting a hat similar to the Dogwifhat meme. This sparked speculation and increased the social dominance of the asset. A user named Clemente highlighted LeBron’s impact on the meme market, stating, LeBron singlehandedly pumped $WIF to $0.40 today. We’re so back.
Despite a 107.9% weekly gain, WIF has seen a pullback from its peak of $0.40 to $0.363597, experiencing a 7% decline in the last 24 hours.
Further analysis of the market data reveals that the significant upward movement of Solana-based meme coins extended beyond Dogecoin and WIF. Smog (SMOG) also benefited from this trend, surging by a remarkable 2,500% within a week. However, as of press time, it has experienced a negative return of 16.79% in the weekly period. Encouragingly, the asset seems to be bouncing back, with a 26% gain in the last 24 hours.
These impressive runs have partially been driven by the performance of Solana (SOL), which recorded a weekly rally of 17%. Currently priced at $112.71, SOL has experienced a minor decline of 1.28% in the last 24 hours. Analysts remain optimistic about the upside potential of SOL, as its market sentiment is bullish with a score of 89/100.
Mags, a crypto analyst on X, has pointed out that the altcoin market cap has reached an important stage in the Wyckoff Accumulation Pattern, specifically stage E, the breakout stage. This highlights the growing significance of altcoins in the cryptocurrency market.
In conclusion, meme coins on the Solana network, particularly Dogecoin, WIF, and SMOG, have witnessed remarkable surges, presenting both opportunities and challenges for investors. With caution advised due to low liquidity, the growth potential of these meme coins continues to captivate market participants. As the altcoin market gains momentum, analysts are closely monitoring the breakout stage, foretelling further developments in the cryptocurrency landscape.
