On October 25, 2024, the overall cryptocurrency market experienced a modest recovery after a price decline in recent days. Meanwhile, Solana (SOL) and its meme-based tokens have been making waves and gaining notable attention from crypto enthusiasts with their impressive price increases.
Solana based meme coins
According to 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 a notable price known. golf. 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 over the past 24 hours.
Why SOL-based Meme Tokes Rallies?
The possible reason for the rally of the aforementioned meme coins is the recent breakout of Solana (SOL) from its consolidation zone and a price increase of over 3.7% in the last 24 hours.
According to expert technical analysis, SOL has turned bullish after breaking out of an inverse head and shoulders pattern. Moreover, based on the recent price action, there is a high possibility that SOL could reach the USD 190 level in the coming days. If SOL reaches this level, there could be a significant upward rally in SOL-based meme coins and other related tokens.
GOAT Meme Coins and the Demand for Them
Despite the bullish outlook in the meme sector, whales and investors appear to have shifted their focus to the GOAT meme coin. In recent days, they have significantly accumulated these tokens, indicating growing demand and interest in the GOAT meme coin.
This continued demand from investors and whales has resulted in a price increase of 130% in the past week and 650% in the past 30 days.
After positive speculation surrounding GOAT in the cryptocurrency market, on October 24, 2024, BinanceThe world’s largest cryptocurrency exchange, announced it would launch futures trading for the meme coin. This announcement by Binance pushed the price of the coin to a new high, placing it in the top 100 cryptocurrencies for the first time.
As of now, GOAT is not available on the major cryptocurrency exchanges. Despite this, demand has increased significantly, which is a positive sign for GOAT holders.