Mon, 25/12/2023 – 15:23
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The Solana (SOL) ecosystem is on fire at the moment as many new meme coins are taking center stage, relegating the old major alternatives. According to data from CoinMarketCap, one of these new meme coins, AnaloS, jumped as high as 113.11% in the past 24 hours to $0.00188. In less than five days since its launch, AnaloS has printed a market capitalization of $185.88 million.
According to trends on crypto X, many of these meme coins, including Dogwifhat, have also recorded a massive embrace after scoring a major listing on Crypto.com. With the listing, Dogwifhat rallied by more than 100%, creating a new narrative as far as community-driven meme coin projects are concerned.
The success of Solana meme coins has shifted the focus to established alternatives. Amid these rallies, Shiba Inu (SHIB) dropped by 2.1% to $0.0000108, PEPE has slumped by 0.75% to $0.000001466 and Floki is down by 1% at the time of writing to $0.000001466.
While these established alternative meme coins are more reliable tokens to buy considering the volatility of the newer ones, retail investors on Crypto X are generally gravitating toward high-risk, high-reward options.
Mixing bullish growth with caution
Over the past few years, there has been a massive surge in new meme coins entering the market overall. While the potential for immense gains is there for projects that stand the test of time, investor moves need to be matched with extreme caution.
Rug pulls are not uncommon with many meme coin projects, and the potential for any of these occurrences becomes higher when newer ones come on board and generally shift the spotlight away from projects that have secured fairly large liquidity.
In all, many developers are preying on investors’ gullibility at this time, and attempting to stack new tokens should maintain the old rule of utility, a responsible team and a community around it.