CoinJie.com Report:
On October 25, 2024, the overall cryptocurrency market experienced a mild recovery after several days of price declines. Meanwhile, Solana (SOL) and its meme-based tokens made waves, capturing the attention of cryptocurrency enthusiasts with its impressive price surges.
Meme-Based Tokens on Solana
According to CoinMarketCap data, meme tokens based on SOL, including Dogwifhat (WIF), Bonk (BONK), Popcat (POPCAT), cat in a Dogs World (MEW), and the recently launched Goatseus Maximus (GOAT), have all experienced significant price increases. The data shows that in the past 24 hours, WIF, BONK, POPCAT, MEW, and GOAT have seen price gains of over 3.7%, 5.6%, 9.8%, 26.3%, and 5.5% respectively.
Why the Rise of Meme Tokens on Solana?
The potential reasons behind the surge in these meme tokens are that Solana (SOL) recently broke out of its consolidation range and has seen a price increase of over 3.7% in the past 24 hours.
According to expert technical analysis, SOL has turned bullish after breaking out of a head and shoulders pattern. Additionally, based on recent price trends, SOL is likely to reach the $190 level in the coming days. If SOL reaches this level, meme tokens based on SOL and other related tokens may experience significant increases.
Source: TradingView
Although the outlook for the entire meme sector looks promising, whales and investors seem to have shifted their focus to the GOAT meme token. In the past few days, they have accumulated a large amount of these tokens, indicating a growing demand and interest in the GOAT meme coin.
The sustained demand from investors and whales has resulted in a 130% surge in price over the past week and a 650% surge over the past 30 days.
Following the positive speculation in the cryptocurrency market about GOAT, on October 24, 2024, Binance, the world’s largest cryptocurrency exchange, announced the launch of futures trading for meme tokens. This announcement from Binance propelled the price of the token to new highs, entering the top 100 cryptocurrencies for the first time.
As of now, GOAT has not been listed on major cryptocurrency exchanges. However, the significant increase in demand is a positive signal for GOAT holders.
