- Leading Solana meme coins gained an additional $8.32B market cap in Q1 2024.
- The figure marked an 801.5% growth, ending Q1 with $9.36 billion market cap.
- Whale Insider argued WIF and BOME could still rally 10,000% in the bull market.
Market tracker CoinGecko unveiled a new report capturing the performance of Solana-based meme coins in the first quarter of the year. According to the report, the top ten meme coins on Solana gained an additional market share of $8.32 billion. The figure marked a staggering growth of 801.5% as the meme coins ended Q1 with a total market cap of $9.36 billion.
Interestingly, only BONK and Samoyedcoin (SAMO) existed before 2023 Q4. Following BONK’s success, a trove of newcomers later emerged. Meanwhile, in March, BONK, the premier meme coin on Solana, was outranked by the newcomer Dogwifhat (WIF).
WIF knocked out BONK following a consistent uptrend since late December 2023. It attained an all-time high of $4.85 on March 31 from its all-time low of $0.0677, marking a staggering 7,063% gain in under three months. While WIF rallied, it also knocked out other leading contenders in the meme coins space, like FLOKI and PEPE. Now, WIF stands right behind only Shiba Inu and Dogecoin.
Furthermore, the CoinGecko report highlighted that Book Of Memes (BOME), launched on March 14, attained a $1 billion cap within two days. Notably, BOME’s ascent was also influenced by the pivotal listing it secured on Binance, the most prominent crypto trading platform.
Meanwhile, after the frenzy that has followed Solana meme coins, the tokens have witnessed major setbacks amid Bitcoin’s pullback. For instance, WIF retains a substantial 15% loss in its one-week trajectory despite soaring by 20% in the last 24 hours. BONK and BOME have suffered losses of 31.61% and 22.64% over the past week, respectively.
Nonetheless, market participants remain optimistic about meme coins in the Solana ecosystem. X user Whale Insider has argued that WIF, BOME, and a trove of other Solana coins could transform a $1,000 investment into a $100K fortune. This outlook suggests a potential 10,000% ROI from Solana meme coins in this bull market.
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