MANEKI and POPCAT soar by two digits while Bitcoin stumbles
The $6.6 billion market cap niche of Solana meme coins finds room to grow in a day when Bitcoin slides.
Solana’s 10 largest meme coins by market cap are all showing gains in the last 24 hours, according to data aggregator CoinGecko. While Bitcoin (BTC) and major altcoins wobble, tokens such as POPCAT and MANEKI soar by two digits.
The Chairman of the Federal Reserve, Jerome Powell, announced today that there will be no more interest rate cuts until inflation shows stronger signs of going back to 2%. This means that risk assets, such as stocks and crypto, will still be less favorable than US Treasuries. At the time of writing, BTC had fallen 2.7% over the past hour.
Despite this, MANEKI has shown significant 38% growth in the last 24 hours, while POPCAT shot up 24.8% in the same period. Other cat-themed coins with positive performances are MEW and WEN, rising 3% and 6.5% respectively.
Top 10 Solana meme coin by market cap. Image: CoinGecko
WIF, the biggest meme coin on Solana by market cap, also registered 3.7% growth, followed by a 3% price increase from BONK. BOME, the token airdropped to investors of the first ‘meme coin pre-sale mania’ from Solana this year, exhibits the smallest of gains in the group, rising nearly 2%.
The total market cap for meme coins created on Solana sits at over $6.6 billion, surpassing $1.6 billion in trading volume in the last 24 hours. According to CoinGecko, they represent the 40th largest crypto niche by market cap, out of 217 in total.