Solana Memecoin Market Cap Up 14%

7/19/2024 3:33:49 PM

(MENAFN- eTrendy Stock) Solana memecoins are going absolutely bananas today, with dogwifhat (WIF), Bonk (BONK), and Popcat (POPCAT) outperforming most CryptoCurrencies in the market.

Solana Memecoin market on Fire

Data from CoinGecko shows the Solana memecoin market cap is currently at $8.95B, a 14.2% increase from yesterday. WIF, one of the largest memecoins by market cap, is dominating with an increase of 60% in the last seven days, currently priced at $2.52.

However, Popcat takes the lead with a staggering 77.1% increase weekly (and 16% in the daily chart), placing its price above $0.85. The coin's market capitalization is nearing the $900B mark, currently at $846.8B.

Popcat Weekly Chart. Source: CoinGecko.

BONK is also returning positive gains for memecoin holders. The coin is up 33.6% weekly, currently at $0.00003018. Other coins like BOOK OF MEME (BOME), PONKE (PONKE), and cat in a dogs world (MEW) are also on the rise: 24.5%, 69.1%, and 31.6%, respectively.

SOL Just Shy of $170

SOL is currently trading at $168.61, a 7.7 increase from yesterday and 22.4% from last week.

SOL Weekly Price Chart. Source: CoinGecko

Another factor likely influencing SOL's price is the approval of a potential spot Solana exchange-traded fund (ETF). This fund would track SOL's price on conventional stock exchanges such as NYSE or the Nasdaq.

Several asset managers like VanEck and 21Shares have already filed for a Solana ETF through the Chicago Board Options Exchange.

The approval of Solana ETF could boost SOL's price by 9x, or at least that's what GSR Markets recently stated in a report covered by CryptoMode.

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