Solana Value Increases as WIF, BONK, and POPCAT Meme Tokens Rise

The price of Solana has decreased by 0.5% over the last 24 hours, although its current value of $145 signifies a 4% increase over the past week.

SOL has remained stable throughout the past month, yet it boasts an impressive 485% rise over the last year, positioning it among the top-performing coins within the top 100 during this timeframe.

A significant portion of its performance can be attributed to its role as the preferred layer-one blockchain for meme coins, with Solana-based tokens WIF, BONK, and POPCAT all experiencing notable gains in the previous week.

With transaction volumes staying elevated on Solana, it is anticipated that SOL will continue to perform well in the medium to long term.

Solana Price Sees Gains as WIF, BONK, and POPCAT Meme Coins Surge

After experiencing a significant drop late Sunday night, SOL has been regaining some traction and remains in a position where it could continue to recover in the next day or two.

The relative strength index (purple) has climbed from below 20 on Sunday night to approximately 50 at the time of writing, a level that is indicative of potential gains or losses.

Source: TradingView

However, the altcoin’s 30-period moving average (orange) appears to have reached a low compared to the 200-period average (blue), suggesting that the token is likely to recover in the very near future.

Another positive indicator is that Solana’s trading volume today stands at $4.1 billion, although large holders have predominantly been selling the coin in recent weeks and months, capitalizing on recent price increases.

A whale sold 594K $SOL($86M) this year!
Since Jan 15, this whale has deposited 594K $SOL($86M) to #Coinbase, #Binance, and #OKX, averaging one sale per week.
The last sale was 16 hours ago.https://t.co/v6mJegPKCa pic.twitter.com/5CU24VPvtt

— Lookonchain (@lookonchain) August 13, 2024

Nonetheless, it is highly probable that the Solana price will rebound soon, with the aforementioned meme tokens highlighting why Solana is considered one of the most intriguing major projects in the cryptocurrency space.

For example, POPCAT and WIF have both surged by 19% in the past week, while BONK has achieved an extraordinary 5,700% increase over the past year.

These gains reflect not only significant interest in meme coins but also indicate the high transaction volumes Solana has experienced over the past year.

For instance, the number of active addresses on Solana increased by 22% in July, while its decentralized exchange (DEX) volume surpassed that of Ethereum for the first time, reaching $55.87 billion.

Solana flips Ethereum in monthly DEX trading volume for the first time in history.
Friendly reminder that Solana’s market cap is 1/5th of Ethereum’s. pic.twitter.com/dtJWyUoSpm

— ◢ J◎e McCann (@joemccann) August 1, 2024

These developments are indicative of a growing and robust platform, suggesting that it is only a matter of time before the Solana price begins to rise again.

It could reach $200 within the next month or two, and potentially touch $250 by the end of the year.

New Meme Tokens Bring Strong Potential

SOL is expected to remain a reliable option in the cryptocurrency market for the foreseeable future, yet traders may also benefit from diversifying into smaller-cap tokens, which can frequently outperform the broader market.

Presales represent one particularly promising segment of new tokens, with the most successful presale coins often experiencing significant rallies once they are listed on exchanges.

One token with the potential to achieve this is Base Dawgz (DAWGZ), a multi-chain cryptocurrency that has already raised over $2.9 million in its sale.

GM to those who seek thrills above all else!$DAWGZ pic.twitter.com/q1bzPVJok3

— Base Dawgz (@BaseDawgz) July 21, 2024

DAWGZ is noteworthy as it is among a select few multi-chain meme coins available in the market, with its token set to operate on Ethereum, Base, Solana, Avalanche, and BNB Chain.

This multi-chain approach is advantageous as it will likely attract more investment and usage than if it were a single-chain coin.

Consequently, it could see increased demand, driving its price higher over time.

Additionally, DAWGZ benefits from its choice of memes, featuring a base-jumping Shiba Inu dog as its mascot, appealing to the adventurous spirit within the crypto community.

The coin’s X account currently boasts over 5,000 followers, indicating a steady growth in its following even prior to its launch.

As a token, DAWGZ has a capped supply of 6.453 billion, with 20% allocated for its sale and another 20% designated for staking.

Staking will provide a strong incentive for long-term holding, with interested investors able to purchase it now by visiting the official Base Dawgz website, where 1 DAWGZ is currently priced at $0.007784.

Buy DAWGZ Now

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