Solana’s Meme Coin Craze, Why All Eyes Are on GOAT?
On October 25, 2024, the overall cryptocurrency market experienced a modest recovery after a price decline in the past few days. Meanwhile, Solana (SOL) and its meme-based tokens have made waves, gaining notable attention from crypto enthusiasts with their impressive price surge.
Solana-Based Meme Coins
According to the CoinMarketCap data, SOL-based meme coins including Dogwifhat (WIF), Bonk (BONK), Popcat (POPCAT), cat in a Dogs World (MEW), and the recently launched Goatseus Maximus (GOAT), have experienced notable price surge. Based on the data, WIF, BONK, POPCAT, MEW, and GOAT have recorded price increases of over 3.7%, 5.6%, 9.8%, 26.3%, and 5.5%, respectively, in the past 24 hours.
Why SOL-Based Meme Tokes Rallies?
The potential reason for the rallies of the above-mentioned meme coins is Solana’s (SOL) recent breakout from its consolidation zone and a price surge of over 3.7% in the past 24 hours.
According to expert technical analysis, SOL has turned bullish following the breakout of an inverted Head and Shoulders pattern. Additionally, based on the recent price action, there is a strong possibility that SOL could reach the $190 level in the coming days. If SOL reaches this level, a significant upside rally in SOL-based meme coins and other related tokens may follow.
GOAT Meme Coins and Its Demand
Despite the bullish outlook across the meme sector, whales and investors appear to have shifted their focus to the GOAT meme coin. Over the past few days, they have significantly accumulated these tokens, suggesting growing demand and interest in the GOAT meme coin.
This consistent demand from investors and whales has resulted in a price surge of 130% over the past week and 650% over the past 30 days.
Following positive speculation around GOAT in the cryptocurrency market, on October 24, 2024, Binance, the world’s largest cryptocurrency exchange, announced it would launch futures trading for the meme coin. This announcement by Binance propelled the coin’s price to a new high, pushing it into the top 100 cryptocurrencies for the first time.
As of now, GOAT is not available on major cryptocurrency exchanges. Despite this, its demand has been rising significantly, which is a positive sign for GOAT holders.
