Solana Maintains 2-Year High as Volume of BONK and WIF Meme Coins Rises
The native currency of Solana, SOL, witnessed a surge in trade volumes and returned to its two-year high on Tuesday during the Bitcoin rise.
Solana and the majority of other significant digital assets reached their greatest price in a long time after Bitcoin reached a new all-time high earlier this week.
The highest SOL since January 2022 was seen on Tuesday, March 5, at $139.96.
The Solana price has already overcome its Tuesday high and reversed the loss it experienced during the Bitcoin meltdown, despite the fact that Bitcoin has now fallen below $67,000. According to CoinGecko, Solana is trading at $141.15 at the moment of writing, up 7% from last week and 6% from yesterday.
Trade volume yesterday was quite strong, as $9.5 billion worth of SOL exchanged hands. In actuality, the volume was larger on only three more days in the early part of September 2021. The price had recently soared to around $200 when American comedian Steve Harvey switched to a Solana Monkey Business NFT for his Twitter profile image.
Undoubtedly, the recent surge in volume has been aided by the craze for meme currencies like as Dogwifhat and BONK. According to CoinGecko statistics, the combined trading volume of the two meme currencies was above $1 billion yesterday.
It is really impossible to exaggerate their power in the Solana meme coin ecosystem. The second most popular Solana meme currency, Myro, witnessed volume that was at least three times lower than that of BONK and WIF.
A series of absurd coins with presidential candidate themes, such as BODEN, TREMP, and DANOLD, have become popular memes. Yesterday, the price of the meme coins, which were purchased by traders who were willing to take risks, surged to $8.98. However, the surge was brief, as is the case with many meme currencies. BODEN is trading at $0.0000000001384, as of this writing.
Even the Democratic National Party would do well to incorporate “Boden wif hat” in marketing and campaign materials, according to Solana co-founder Anatoly Yankovenko’s jokes.
However, he noted that meme coins are more than just funny currency. He commented on the authenticity of meme coins earlier this morning in response to a Twitter debate on the subject started by Ram Ahluwalia, the CEO of Lumida Wealth.
The CEO of the financial adviser has been stating that trading conventional assets is not any less legitimate than generating money with onchain digital assets like Dogwifhat.
“At a certain level of economic security a meme coin becomes a culture coin,” Yakavenko said, “and at another level of economic security a culture coin becomes a store of value.”
