The Solana blockchain is currently experiencing a renewed interest in meme coins, reminiscent of the similar frenzy last year that boosted the price of Solana’s SOL to nearly $121. Trading volumes and user activity for several meme coins, which emerged in December, have spiked in recent times. Among those experiencing a boost is the popular dogwifhat WIF, which rose to a record peak above its previous high amidst a futures listing and network effects, before slightly pulling back.
Traditional finance firm Franklin Templeton commented on the “wif hat” meme associated with the dogwifhat tokens, the remark boosted market sentiment significantly. The firm’s digital assets team also expressed their admiration for the growth seen across Solana-based applications during the fourth quarter. Solana is one of the ecosystems the team is keeping a close eye on, along with Bitcoin and Ethereum.
Other meme tokens, such as usedcar, popcat, and kpop, also experienced a remarkable growth spurt – as much as 50% each, even though they have relatively smaller market capitalizations of less than $20 million. However, this surge was followed by a sharp drop with several Solana tokens plummeting up to 80% from their peak. This decline was triggered as initial investors decided to cash in on their impressive gains.
Recently, Solana Mobile’s announcement of the “Two” phone, set to release in 2025, stirred further interest. The phone is priced at $450 and is anticipated to come with airdrops and applications from Solana-based apps. Furthermore, speculation that airdrops will be available for “Two” phone buyers resulted in a price surge for the MYRO token. The upcoming phone is the company’s second release, succeeding the Saga phone whose value began to steadily grow after an initial slump.