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Meme coin season has arrived as countless projects experience astronomical gains. The Solana ecosystem has experienced notable success, with Myro and Bonk up over 20% today.
Meanwhile, the new cross-chain meme coin Frog Wif Hat is taking the market by storm, soaring over 130% and attracting over 1K buyers in its first 12 hours.
Solana meme coins surge as SOL pumps 8%
The past 24 hours have been exceptionally kind for the crypto market. Bitcoin recently touched $57K, and altcoins across the board have exploded.
Besides Bitcoin, Solana is up 8.41% today. The move has added $4.1 billion to its market cap, while its trading volume has also surged by 197%, currently at $2.7 billion.
However, Solana’s bullish uptick has been overshadowed by some of its native meme coins, with Bonk and Myro up over 20%. Meanwhile, Dogwifhat has also seen a notable rise, pumping over 50%.
These outsized gains are enabled by the lower market caps, coupled with the hype and FOMO-driven nature of meme coins.
Analysts have weighed in on the recent increases, with Universol noting a trendline resistance break out for Myro.
While Universol did not provide a price target, such patterns often signify the end of a pullback, enabling uptrend continuations. This presents significant upside potential, with Myro sitting 68% from it’s all-time high.
Steph Is Crypto is also bullish on Myro, highlighting a W pattern formation on the 4-hour chart.
The trader anticipates a move toward $0.1, almost 30% from its current price.
Moving to Bonk, renowned analyst Kaleo expects “serious catch-up plays,” noting that Bonk is Solana’s largest meme coin and has a market cap significantly lower than Shiba Inu’s, which is Ethereum’s largest meme coin.
Meanwhile, TradingView analyst imanofsky7 expects Bonk’s run to continue toward $0.0000231. From its current price of $0.00001424, this would equate to a 62% gain.
The analyst notes that Bonk is trading inside an ascending channel and shows strength at the support level.
Since he posted the analysis, Bonk has gained notable momentum, climbing 29% from $0.000011.
But as the meme coin market gathers pace, a new cross-chain sensation, Frog Wif Hat, is looking to steal the throne. After launching just 12 hours ago, the token has already seen a 143% increase.
Frog Wif Hat leaps 143%
Inspired by Solana’s Dogwifhat token, Frog Wif Hat launched on Uniswap today and is currently up 143%.
It initially saw an even more impressive returns but then pulled back and began consolidating, potentially before its next leg up.
The token was issued as a fair launch, with 100% of its total supply immediately in circulation and the liquidity pool locked.
Currently, Frog Wif Hat holds a $1.2 million market cap.
While inspired by Dogwifhat, Frog Wif Hat offers a French-esque spin, swapping out the beanie for a beret. It is also “always carrying a baguette, often grumpy or drunk, frequently chain-smoking while displaying a deep disdain for Americans, ‘e’s crypto’s moodiest toad.
This playful twist offers a unique take on the meme coin model, providing a refreshing alternative to existing projects.
Furthermore, Frog Wif Hat is launching on Solana using Portalbridge.com.
Despite its early stage, these factors have drawn notable attention, with over 1K buy orders already rolling in.
And with the meme coin market on a tear, FWIF’s current consolidation period will likely be short-lived.
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