Between late 2023 and now, Solana has taken the crown off Ethereum's head and has turned out to be the leading chain when it comes to memecoins.
Memecoins like PEPE took advantage of this and dominated in mid-2023.
However, the memecoin craze truly started in the final quarter of the year, with Solana's insane rally, and the rise of Solana-based memecoins like BONK, Myro and DogWifHat.
These memecoins reigned for a while but then died down at the start of 2024. However, DogWifHat (WIF) appears to have woken up and has now been deleting zeros since Wednesday this week.
To the unfamiliar, Dogwifhat was launched on Solana in December 2023, during the height of the BONK craze.
This memecoin capitalized on the successes of BONK and Solana and did all right for itself In terms of price action.
However, with the decline on Solana and Bonk, WIF faded into the shadows—until this week.
The memecoin has rallied remarkably this week, seemingly because of an endorsement tweet from Franklin Templeton, a traditional finance firm that took to Twitter to show interest in Solana this week.
"You are unsure how to feel about Laser Eye Ben? Just think instead of Ben wif hat" the tweet said.
This came right before the Franklin Templeton account began to send out tweets praising Solana, its growth, achievements and its founder, Anatoly Yakovenko.
This tweet from Franklin Templeton must have brought attention to DogWifHat, sending its price skyrocketing in a matter of days.
According to CoinMarketCap, DogWifHat rallied straight up to around $0.5, before declining again, after investors took profits.
DogWifHat currently trades at a little over $0.4. However, despite the decline from $0.5, the memecoin is still up by around 11% over the last day, by around 43% over the last week, and by a crazy 129% over the last month.
This is no small feat, considering how its trading volumes also skyrocketed by around 80% to $150 million, in a rally that appears to be far from over.
The Solana ecosystem has been in a wave of constant growth as of late.
One of the biggest indicators of this is the Saga 2 announcement from Solana Mobile earlier in the week.
It turns out that Solana Mobile is planning on releasing an upgrade to the Saga 1, a Solana-powered mobile phone that sold out In the US within a matter of days after users found out that they came out of the box with an ~$800 BONK airdrop.
If there's one thing the crypto market is good at, it's patterns.
It becomes safe to bet that investors may be pumping WIF because they hope that something similar to what happened between BONK and Saga 1 might happen again.
Overall, Dogwifhat is not the only meme coin that has thrived on Solana so far. Several other tokens that were launched in December 2023 have also rallied significantly in the past week, as shown below.
Some of the best performers include Myro (MYRO, up 136% in the past week), popcat (POPCAT up 177% in the past week) and kpop (KPOP up 50% in the past week).
Overall, the memecoin landscape on Solana looks promising, and we are bound to see another wave of explosive growth, sooner than later.
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