Solana-based meme coins have emerged as notable contenders in the crypto market, overcoming the biggest cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) in recent months.
With coins like Bonk Inu (BONK) up nearly 7,000% year-to-date, the potential approval of Solana ETFs put forward by asset managers VanEck and 21Shares in the United States is seen as a potential catalyst for these tokens, according to market expert Leshka.
In a recent analysisLeshka explained that Solana memes have become the dominant narrative of this market cycle, raising expectations for its potential growth following a potential market approval of the Solana ETF by the US Securities and Exchange Commission (SEC).
Top Solana Meme Coins to Watch
Leshka began by portraying the cat-based meme coin POPCAT, which has seen a 55% price increase in the past two weeks.
Currently trading at $0.448, POPCAT is the fourth-largest meme coin on Solana with a market cap of $441 million. Leshka considers it one of the most relevant mid-cap memes about Solana, highlighting a “strong community” despite the lack of intrinsic value.
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Next, Leshka highlighted the MICHI token, another cat-based meme coin in the Solana ecosystem. According to the analyst, the upcoming launch of MichiSwap, Michi non-fungible tokens (NFTs), and the Michi NFT Marketplace could catalyze further price increases for MICHI in the coming months.
Bonk Inu, another meme coin that has gained a lot of attention in recent months, was also mentioned by the analyst, which registered a 20% increase. price increase in the last fourteen days, currently trading at $0.00002413.
Leshka highlighted how Bonk Inu, which originally supported the Solana community, has expanded its user base and integrated with decentralized finance (DeFi), cross-chain messaging protocols and NFT marketplaces as key to its growth prospects, positioning Bonk Inu as another meme coin with the potential for further gains.
Political Meme Coins
Moving on, Leshka highlighted Dogwhifhat (WIF), currently the top Solana-based meme coin by market cap, which has accumulated over $1.6 billion in record time.
Leshka believes that Dogwhifhat “symbolizes progress in futuristic transactions” and is a beacon for “forward-thinking individuals.” However, the token has seen a strong price drop in the monthly period of almost 40%.
Lastly, the analyst highlighted political memes based on the Solana ecosystem, specifically those related to US politicians, which have gained significant traction as the upcoming November elections approach.
Leshka dismissed OBEMA, a meme coin featuring Michelle Obama, as a “risky play” with no inherent value or anticipated financial gain. However, the analyst pointed to the potential for a 10x-20x return if Joe Biden were to leave office. presidential race.
Leshka also mentioned BODEN, a meme coin featuring Joe Biden. While its popularity has waned, an “unexpected development” in the race for the White House could give it a final boost, especially if the president manages to win the election in November.
Solana’s native token, SOL, was trading at $138.70 at the time of writing, down more than 13% month-over-month but up 540% year-to-date.
Featured image of DALL-E, chart from TradingView.com