Solana-based memecoins are outperforming the broader crypto markets with daily market cap growth of 12%.<\/p>\n
Solana\u2019s\u00a0Crossroads 2024 conference in Istanbul\u00a0Turkey\u00a0is live, and the markets are responding.<\/p>\n
SOL,\u00a0Solana\u2019s\u00a0network token, is up more than 8% in the past 24 hours amid the event, last changing hands for $153.5, according to CoinGecko. SOL is the second strongest performing among the top 35 cryptocurrencies by market cap, with only Toncoin (TON) outperforming it after a 13.5% rally.<\/p>\n
The impressive performance comes as most leading digital assets are trending sideways, with the combined capitalization of crypto assets posting a modest daily gain of 2.8%.<\/p>\n
Memecoins unironically endured as a\u00a0serious\u00a0topic throughout the event, with multiple panelists requesting a show of hands from active meme token traders seated amongst the audience \u2014 each time eliciting an enthusiastic response.<\/p>\n
The buzz for\u00a0Solana\u2019s\u00a0meme sector is already manifesting in the markets, with the combined capitalization of Solana memecoins bouncing 12% to $7.83 billion in 24 hours. For comparison, the broader memecoin sector is up 6.8% in 24 hours, with assets within\u00a0Solana\u2019s\u00a0ecosystem comprising the\u00a0segment\u2019s\u00a0top gainers.<\/p>\n
Dogwifhat, the\u00a0network\u2019s\u00a0top memecoin,\u00a0is leading\u00a0the charge with a 12% daily gain, spurred by news of ambitious promotional events. Bonk,\u00a0Solana’s\u00a0second-largest memecoin and a Crossroads sponsor, is up 6%, while Book of Meme jumped 12%, and Popcat rallied 19.5%.<\/p>\n
Speaking to The Defiant, Thomas, the co-founder of Kamino, described memecoins as enabling the tokenization of viral culture.\u00a0\u201cWe think that tokenizing virality is the future of France\u00a0and\u00a0Kamino is committed to building products to power this economic activity,\u201d\u00a0he said.<\/p>\n
King, the co-founder of Bonkbot, a Telegram trading bot, argued on-stage that meme tokens offer a superior mechanism for onboarding retail users than offering legacy trading products within a web3 setting.<\/p>\n
\u201cI\u00a0think that memecoins are a good way to onboard retail\u2026\u00a0they\u2019re\u00a0a simpler product than other, more complicated products like options,\u201d\u00a0he said.\u00a0\u201cA user can look at a meme, and if they laugh, they can buy\u00a0the meme.\u201d<\/p>\n
However, Streggs from Flash Point noted that the surge in memecoin trading activity has also driven congestion on Solana, with some\u00a0users\u2019\u00a0trades\u00a0being included\u00a0several blocks after their intended execution.<\/p>\n
\u201cThese are markets that can move 30% [to] 50% in\u00a0a matter of\u00a0minutes,\u201d\u00a0he said.\u00a0\u201cIf I made a trade and it landed give blocks later, it would a difference […] to my [profit and loss].<\/p>\n
King also noted the memecoin-induced congestion, noting that many Solana traders expect their transactions to execute\u00a0\u201cwithin seconds.\u201d<\/p>\n
\u201cKeeping users safe as well as congestion are the main issues that we face,\u201d\u00a0he said, acknowledging the prevalence of rug-pulls within the fast and loose memecoin segment.\u00a0\u201cI\u2019ve\u00a0been rugged my fair share of times,\u201d\u00a0King added.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"
Solana-based memecoins are outperforming the broader crypto markets with daily market cap growth of 12%. Solana\u2019s\u00a0Crossroads 2024 conference in Istanbul\u00a0Turkey\u00a0is live, and the markets are responding. SOL,\u00a0Solana\u2019s\u00a0network token, is up more than 8% in the past 24 hours amid the event, last changing hands for $153.5, according to CoinGecko. SOL is the second strongest performing […]<\/p>\n","protected":false},"author":2,"featured_media":299332,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[274,273,272,244,266,271,268,270,269,267],"class_list":["post-299331","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-de-fi","tag-crypto-finance","tag-decentralized-finance","tag-liquidity","tag-metamask","tag-pancake","tag-slippage","tag-sushiswap","tag-tronlink","tag-trust-wallet","tag-uniswap"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/299331","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=299331"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/299331\/revisions"}],"predecessor-version":[{"id":299333,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/299331\/revisions\/299333"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/299332"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=299331"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=299331"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=299331"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}