On October 25, 2024, the cryptocurrency market saw a slight recovery after a recent dip in prices. However, the real standout of the day was Solana (SOL) and its associated meme-based tokens, which garnered significant attention from crypto enthusiasts due to their impressive price surges.
Solana-Based Meme Coins
Various SOL-based meme coins such as Dogwifhat (WIF), Bonk (BONK), Popcat (POPCAT), cat in a Dogs World (MEW), and the newly launched Goatseus Maximus (GOAT) experienced notable price increases. According to data from CoinMarketCap, WIF, BONK, POPCAT, MEW, and GOAT saw price surges of over 3.7%, 5.6%, 9.8%, 26.3%, and 5.5%, respectively, within the past 24 hours.
Why SOL-Based Meme Tokens Rallied?
The recent rallies of these meme coins can be attributed to Solana’s (SOL) breakout from its consolidation phase, with a price surge of over 3.7% in the last 24 hours. Technical analysts have noted a bullish trend in SOL following the breakout of an inverted Head and Shoulders pattern. There is optimism that SOL could reach $190 in the near future, potentially triggering a significant upward movement in SOL-based meme coins and related tokens.
GOAT Meme Coins and Its Demand
Despite the positive sentiment surrounding meme coins, investors and whales have shown a particular interest in the GOAT meme coin. Accumulation of GOAT tokens by these entities has led to a remarkable price surge of 130% in the past week and 650% over the last month.
The growing demand for GOAT prompted Binance, the world’s largest cryptocurrency exchange, to announce the launch of futures trading for the meme coin on October 24, 2024. This announcement propelled GOAT to new highs, securing a spot in the top 100 cryptocurrencies for the first time.
Although GOAT is not yet listed on major exchanges, its increasing demand is a positive indicator for holders of the coin. The market speculation and interest surrounding GOAT suggest a promising future for the meme coin.
In conclusion, the cryptocurrency market’s recent recovery and the impressive performances of Solana-based meme coins, particularly GOAT, have captured the attention of investors and traders. With the potential for further price surges and new developments in the meme coin sector, it will be interesting to see how these trends unfold in the coming days.