The hype for Solana meme coins is not cooling down soon after dogwifhat (WIF) hit a milestone on Friday. Meanwhile, another animal-themed token is exploding in price.
A new contender in the meme coin sector is catching traders’ attention —”cats in a dogs world” (MEW). Per data from CoinGecko, MEW rallied over 120% on Friday, reaching $513 million in market capitalization in just 48 hours of trading. The weekend saw even more gains, as MEW went as high as $0.008, and its market cap soared past $700 million.
Support From Hayes
Moreover, the token might have gained an uptick in popularity after it was endorsed on X by Arthur Hayes, founder of BitMex.
I went into the kitty litter tray and found $MEW
Meow bitches. 😘😘😘😘😘 pic.twitter.com/rg6HYPPQQd
— Arthur Hayes (@CryptoHayes) March 29, 2024
It’s not the first time we’ve seen new meme coins on Solana explode in price just a few days after being released. This new trend has sparked both interest and criticism from the crypto community, which argues that these assets and their inherent popularity outshine projects with utility tokens and a roadmap.
One of these controversial tokens is Slerf (SLERF), which was caught up in a wave of criticism after its developer “accidentally” burnt $10 million worth of funds raised from investors at a presale.
However, SLERF remains the fourth-biggest meme coin on Solana, with a market cap of well over $400 million.
WIF Dethrones PEPE
On other meme coin news, WIF continues to make headlines. As CryptoPotato reported, WIF reached a milestone on Friday after surpassing $4.25 billion in market capitalization, becoming the third-largest meme coin and flipping Pepe (PEPE).
At press time, WIF had increased its price by 90% weekly, trading at $4.28. What’s more impressive is WIF’s performance on a monthly scale, as it recorded an increase of nearly 450%.
Meanwhile, Solana’s native coin SOL closed Saturday with a 4% surge, putting its price above $195. As SOL displays promising weekly and monthly charts, one analyst believes SOL’s next price target could be $300 after the Bitcoin halving.
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