Solana’s Meme Coin Frenzy: Traders Make 100x Profit

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Mid last month, Franklin Templeton, one of the successful issuers of spot Bitcoin exchange-traded funds (ETF), posted that it was impressed by the Solana (SOL) on-chain performance ranging from its NFTs innovation, DeFi, and meme coins. With Solana’s price closing last year with more than 1,100 percent in gains, speculation on SOL-based meme coins has risen significantly.

For instance, Bonk (BONK), the leading meme coin on the Solana network, rallied more than 100X in the past few months to a market cap of $632 million and a daily average trading volume of around $56 million. The rise of meme coins on the Solana network follows the launch of a Jupiter ($JUP) ecosystem and its much-anticipated airdrop. Furthermore, meme coin traders can seamlessly trade on the Solana network with Jupiter’s liquidity pools.

Fresh Solana Meme Coins With Bullish Potential 

Solana-based memes have registered heightened daily trading volume with the rising speculation of meme coins amid the anticipated altseason. For instance, Wen ($WEN) has a volume-to-market cap ratio of more than 190 percent, which indicates its demand is above the roof.

In another instance, an investor turned $287 to more than $184,000, an impressive 64,000 percent growth in a short period. Notably, the trader has been identified as an early meme coin buyer who could be having insider information from the developers.

2/➮ Whale's biggest profit came from Sol meme coin $WIF.

☩ Using insider information, this smart wallet managed to buy among the first.

☩ Initially invested only $287, the return on investment reached an impressive 64,891%!

☩ Profit and Loss: +$184,969.32 pic.twitter.com/Q9SMClES8K

— Reflection (@0xReflection) February 1, 2024

Another bullish Solana-based meme coin is PONKE, which has a market cap of about $19 million and a trading volume of approximately $7.2 million.