Solana has turn out to be a hub for meme cash, taking up from Ethereum. In the present day, 4 of the highest ten meme cash within the crypto market are reside on the Solana blockchain.
Nevertheless, from time to time, the market notes the emergence of a meme coin that blows the opposite tokens out of water.
Solana Meme Coin’s 10,000% Rise
Solana meme coin Crypto-AI-Robo.com (CAIR) stunned the market with an 11,712% rise in only one week in July. The rally pushed the altcoin’s value from $0.0001076 to $0.01271.
Learn extra: 11 High Solana Meme Cash to Watch in August 2024
The token goals to revolutionize content material creation by combining AI, Blockchain, and Robotics. These are three of probably the most trending phrases in the previous few months, which is how CAIR capitalized on them and recorded the positive aspects.
Nevertheless, this doesn’t make CAIR an investment-worthy token. The fluke of an 11,712% rally nonetheless doesn’t change the truth that the meme coin market is operating very weak for the time being. As a matter of reality, throughout the Solana ecosystem, the highest meme cash – dogwifhat (WIF), BONK, POPCAT, E book OF Meme Coin (BOME), and so on., have largely famous declines previously month.
POPCAT was the one meme coin to carry out decently, rising by just a little over 20% previously month. Thus, whereas the meme cash’ hype may maintain pushing the likes of CAIR in direction of reaching the unimaginable, they aren’t value a lot.
Solana Is Struggling, Too
Together with Solana meme cash, the SOL token can be struggling. It has not recorded any appreciable development. The every day chart reveals that SOL dropped by 11% over the past 5 days, at present buying and selling at $164.
The drop has almost failed the bullish double-bottom sample, and failure could be confirmed ought to Solana’s value fall beneath $156. This sample predicts a 31% rally for SOL, which might push it to the goal value of $245.
Learn extra: 6 Greatest Platforms To Purchase Solana (SOL) in 2024
Nevertheless, the broader market cues may make this tough. If SOL doesn’t meet both of the circumstances, a consolidation between $156 and $186 will doubtless happen.
Disclaimer
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