The content and materials featured on this page are for educational purposes only. Solana’s recent price dip to $135 haven’t dampened expert predictions of a potential 300% rally in 2024, plus new memecoin showing potential. Solana has been the clear forerunner of this year’s bull run, with monthly trading volume reaching a new all-time high of $58.4 billion in March and prices as high as $200.
However, in recent weeks, trading has slowed, and the coin price has dipped to just $135. However, many expect this to be a temporary correction that will lead to a promising recovery. The Solana blockchain wasn’t immune to this bearish sentiment, it started off 2023 at around $10, almost a tenth of the price it started 2022 at.
From here, it struggled to make any serious gains until the end of 2023. The price jumped from $38 in November to push past its psychological barrier of $100. This was accompanied by a huge surge in trading volume with trading volume reaching $58.4 billion.
Previously, the highest monthly trading volume was nearly $28.5 billion in December 2023. April saw a slowing down, with just $35 billion traded. In parallel, the price dropped below the $200 level to settle around the $135 mark.
However, recent movements and analysis have prompted speculation that this price dip isn’t set to last, and the price could surge 300%. The past 24 hours have seen a 12% price rise and positive candlestick patterns. Solana is currently priced at $137.40.
He also highlights that even if Solana simply maintains its 2.8% market dominance, as the crypto industry is expected to rise to a valuation of $10 trillion, this could see the Solana market cap reach $280 billion. This would lead to an increase from its current $61.5 billion market valuation. One major factor influencing Solana’s bullish sentiment has been the memecoin mania dominating the crypto landscape.
Meme coins have dominated this bull run to become a popular narrative in the first quarter of 2024. On average, meme coins have seen returns of $1312.6 across top tokens. Most of this activity has been from new Solana memecoins.
This has sent investors scouring the web for the next Solana meme coin to gain traction. Dogeverse is a fresh new project and the first meme coin to operate across six major blockchains. If Dogeverse makes it into the top 20 memecoins, this would see Dogeverse following in the footsteps of recently launched meme coins such as Book of meme, dogwifhat, and Bonk.
Book of meme had a successful launch, with the token seeing a 57,000% gain in three days. Many recently launched coins have seen similar returns. Base has birthed a number of viral meme coins, including Degen, which saw a 3000% rise in its first week after launch.
Dogeverse follows the adventures of Cosmo, the chain-hopping Shiba Inu central to the Dogeverse project. Dogeverse has recently expanded to the Solana chain, attracting attention from experts across the board, including Jacob Bury. Currently, the token is in presale and has already raised over $13 million.
Holders can stake the token to receive a generous staking yield. The coin will function as a bridge between six leading blockchains: Ethereum, Binance, Polygon, Avalanche, Base, and Solana, meaning it will attract meme coin investors from all crypto communities. Disclosure: This content is provided by a third party.
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