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Solana outpaces Ethereum in trading volume as memecoins like BOME and WIF drive a surge in transaction activity. The unexpected flip highlights the growing influence of Solana’s ecosystem and investor appetite for meme tokens.
Ethereum has consistently retained the second position behind Bitcoin regarding trading volume. However, things suddenly and shockingly changed on March 16, as Solana’s DEX trading volume soared past Ethereum’s.
SOL flipping $ETH wasn’t a surprise to those paying close attention to blockchain development, given the uptick in the number of new projects launched on the Solana ecosystem.
Yet much of the market seems to have been caught off-guard by the news, and price reacted accordingly.
As buying pressure for new Solana memecoins like BOME and WIF surged, transaction volume rose significantly, overwhelming the network’s capacity.
Within a few hours, Solana’s total daily trading volume reached $3.52 billion, surpassing that of the Ethereum network by more than $1.1 billion, per DefiLlama.
With memecoins dominating the crypto market during the bull run, Solana memes seem to be getting most of the attention.
The reason is not far-fetched. Many Solana holders have yielded staggering profits, some amounting to over 1000% returns.
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BOME: Book of Meme yields 30x within 56 hrs
Talk about a potential 100x token. BOME’s price performance in its first few days of launch was remarkable. Within 56 hours, the token went from $0.000858 to an all-time high of $0.02805.
Investors who bought BOME at launch would have watched their tokens rise by as much as 30x.
Although the token is down 50% from its all-time high due to recent market corrections, the 1-month chart shows holders are still up by about 1300%.
As the market stabilizes and hype around Solana-based meme tokens continues, BOME will likely break its previous ATH, potentially reaching $0.05.
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WIF: Dogwifhat up 50x from launch
Dogwifhat is another memecoin that garnered significant attention from traders. In less than four months, it rallied from a market cap of around $130 million to over $2.8 billion.
During this period, WIF shot from its launch price of $0.1 to its all-time high of $3.5, going up as much as 50x.
As meme traders rallied in for a share of the token, Solana smart contract developers seized the opportunity to create trendy memes with the ‘wifhat’ tag, leading to small-cap tokens like Catwifhat, Pepewifhat, and Shibwifhat.
With the ‘wifhat’ frenzy still in full swing, WIF’s potential to surpass its $3.5 ATH remains solid. However, nothing beats buying a potential 100x token like WIF or BOME before its launch.
Presales allow investors to access a token at a discounted price compared to its launch price. Presale tokens also have several benefits, such as staking and liquidity pool rewards. If you miss buying a token at its presale, the next best time to hop into it is at its launch.
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GFOX: Potential 100x memecoin set to launch
Talking about the next big memecoin to steal the spotlight in the crypto space, GFOX is gearing up for major exchange listings following its final presale stage.
As the native coin of the new sensational Galaxy Fox play-to-earn game, GFOX’s gaming utility combined with its meme design makes it a potential viral meme token.
GFOX is an Ethereum-based play-to-earn meme token designed for use in the Galaxy Fox space exploration game. It offers multiple benefits to gamers and investors.
Gamers can use GFOX to purchase in-game assets like NFTs. Players also rake up points, which they convert to $GFOX tokens to earn money.
The points also serve as a way to boost game characters in terms of speed, agility, health, and recovery.
On the other hand, investors will benefit from GFOX’s solid tokenomics. The token has a burn system that ensures a percentage of the total supply is removed from circulation each time a transaction is made with GFOX. As the total supply reduces, demand increases, allowing for a price increase.
Galaxy Fox also presents incentives for investors who opt to hold GFOX long-term. Investors who contribute to the liquidity pool by staking GFOX will receive a share of the redistributed tokens.
The potential price increase, staking rewards, and deflationary mechanism are major catalysts for its upcoming price momentum.
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GFOX at final presale stage as memecoin frenzy continues
GFOX is now at its final stage, giving investors a last chance to get in on the presale offering. The presale is live on Galaxy Fox’s official website, and investors can get GFOX at the rate of 0.00364 USD per token.
The presale event will wind up soon as the project advances to the launch phase. $GFOX is set to launch on Uniswap V2 before major CEX listings. In preparation for launch, GFOX’s page on CoinMarketCap is now live and subject to updates upon launch.
Read more: Analysts eye BOME, GFOX for growth amid market volatility
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