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Solana surpasses ethereum in trading volume as memecoins like BOME and WIF drive a surge in transaction activity. The unexpected change highlights the growing influence of the Solana ecosystem and investor appetite for meme tokens.
ethereum has consistently maintained the second position behind bitcoin in terms of trading volume. However, things suddenly and surprisingly changed on March 16, when Solana's DEX trading volume surpassed that of ethereum.
SOL's investment in $eth did not come as a surprise to those who pay close attention to blockchain development, given the increase in the number of new projects launched in the Solana ecosystem.
However, much of the market seems to have been caught off guard by the news and the price reacted accordingly.
As buying pressure for new Solana memecoins like BOME and WIF increased, transaction volume increased significantly, overwhelming the network's capacity.
Within a few hours, Solana's total daily trading volume reached $3.52 billion, surpassing that of the ethereum network by more than $1.1 billion, according to DefiLlama.
With memecoins dominating the cryptocurrency market during the bull market, Solana memes seem to be grabbing most of the attention.
The reason is not far-fetched. Many Solana holders have made amazing profits, some of which exceed 1000%.
BOME: Book of Meme produces 30 times more in 56 hours
Talk about a potential 100x token. The evolution of BOME prices in its first days of launch was notable. In 56 hours, the token went from $0.000858 to an all-time high of $0.02805.
Investors who purchased BOME at launch would have seen their tokens increase by up to 30x.
Although the token is down 50% from its all-time high due to recent market corrections, the 1-month chart shows that holders are still up by about 1300%.
As the market stabilizes and the hype around Solana-based meme tokens continues, BOME is likely to surpass its previous ATH, potentially reaching $0.05.
WIF: Dogwifhat increased 50 times since launch
Dogwifhat is another memecoin that attracted a lot of attention from traders. In less than four months, it went from a market capitalization of around $130 million to more than $2.8 billion.
During this period, WIF skyrocketed from its launch price of $0.1 to its all-time high of $3.5, rising as much as 50x.
As meme traders flocked to get a piece of the token, Solana smart contract developers took the opportunity to create trending memes with the “wifhat” tag, giving rise to small-cap tokens like Catwifhat, Pepewifhat and Shibwifhat.
With the “wifhat” frenzy still in full swing, WIF's potential to surpass its $3.5 ATH remains strong. However, there is nothing better than buying a potential 100x token like WIF or BOME before it is launched.
Pre-sales allow investors to access a token at a discounted price compared to its launch price. Pre-sale tokens also have several benefits such as staking and liquidity pool rewards. If you don't purchase a token at its pre-sale, the next best time to do so is at its launch.
GFOX: Potential 100x memecoin to be launched
Speaking of the next big memecoin to steal the spotlight in the crypto space, GFOX is gearing up to list on major exchanges after its final pre-sale stage.
As the native currency of the sensational new play-to-earn game Galaxy Fox, GFOX's gaming utility combined with its meme design makes it a potential viral meme token.
GFOX is an ethereum-based play-and-earn meme token designed for use in the space exploration game Galaxy Fox. It offers multiple benefits to players and investors.
Players can use GFOX to purchase in-game assets as NFTs. Players also accumulate points, which they convert into $GFOX tokens to earn money.
Points also serve as a way to upgrade in-game characters in terms of speed, agility, health, and recovery.
On the other hand, investors will benefit from GFOX's strong tokenomics. The token has a burning system that ensures that a percentage of the total supply is removed from circulation each time a transaction is made with GFOX. As total supply decreases, demand increases, allowing prices to increase.
Galaxy Fox also features incentives for investors who choose to hold GFOX for the long term. Investors who contribute to the liquidity pool by staking GFOX will receive a portion of the redistributed tokens.
The possible price surge, staking rewards, and deflationary mechanism are important catalysts for the upcoming price push.
GFOX in final pre-sale stage as memecoin frenzy continues
GFOX is now in its final stage, giving investors one last opportunity to participate in the pre-sale offering. Pre-sale is available on the official Galaxy Fox website and investors can obtain GFOX at a price of $0.00364 per token.
The pre-sale event will end as soon as the project advances to the launch phase. $GFOX will launch on Uniswap V2 ahead of major CEX listings. In preparation for the launch, the GFOX page on CoinMarketCap is now live and subject to updates post-launch.
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