The meme coin craze on Solana is ramping up again, with Plerf (PLERF) becoming the latest project to experience an explosive rise.
PLERF’s price has doubled in the past 24 hours as investors jump on the bandwagon.
But could the newly launched Slothana (SLOTH) presale, which has raised $6.9 million, be the next meme coin to explode?
PLERF Meme Coin Rockets as Speculation Ramps Up
PLERF is riding high on the bullishness surrounding Solana-based meme coins.
This token, a nod to the popular SLERF (SLERF) project, has caught fire over the last day.
After debuting on Raydium in late March, PLERF experienced some wild price swings in its first few weeks as hype took over.
That hype seemed to reach a climax yesterday afternoon when the token exploded past its previous record value to hit $0.0059.
Since then, PLERF’s price has pulled back by around 36% as some traders look to book profits.
Yet the numbers remain staggering – PLERF’s 24-hour trading volumes are now at $2.3 million, while the token’s market cap is almost $2 million.
Whether this PLERF mania is a short-lived speculative bubble or something more sustainable remains to be seen.
However, the previous success of Solana-based meme coins like WIF and BONK suggests that there is an enormous appetite for projects in this niche.
Meme Coin Market Tops $61bn & High-Cap Tokens Rebound
PLERF’s wild ride is just the latest sign that the meme coin market is hotter than ever.
Over the past 24 hours, the meme coin market cap has climbed over 3% to surpass $61 billion as speculative trading ramps up.
Trading volumes have kept pace with rising valuations, hitting a staggering $9.7 billion in the past day.
Looking at some of the major players in the space, it’s a sea of green.
Large-cap tokens like SHIB, WIF, and PEPE have all risen over 2% as retail investors pile in.
Book of Meme (BOME) leads the charge, which has tacked on a 9% gain to continue its impressive recent run.
However, not every meme coin is flying.
DOGE itself has dipped just under 1%, while MEME has plunged over 9% as traders rotate into alternative projects.
With such wild price swings occurring on a near-daily basis, it’s clear the meme coin hype is far from over.
Slothana Could Be Solana’s Next Meme Coin Sensation After $6.9m Presale Raise
While most meme coins are seeing renewed buying interest, it’s the growing hype around Slothana that has traders buzzing about the next explosive rally.
The SLOTH presale has already raked in an impressive $9 million from investors looking to get in on the ground floor.
Slothana’s unique presale mechanism, where 1 SOL equals 10,000 SLOTH tokens, has allowed investors to load their bags directly by sending SOL to a designated wallet address.
This simple approach worked effectively during the Book of Meme presale – and seems to be paying dividends for Slothana as well.
Once the presale ends, SLOTH tokens will be airdropped to investors’ wallets.
And with nearly 10,000 people now following the project’s Twitter account, the anticipation is growing ahead of imminent exchange listings.
Even prominent crypto voices are adding to the hype.
Analyst PoliteMan took to Twitter to declare he thinks SLOTH will “ignite” upon hitting the open market.
Meanwhile, the popular YouTuber Crypto ZEUS described Slothana as the “next meme coin gem” in a video to his 74,000 subscribers.
Only time will tell whether Slothana can live up to this early buzz.
But with millions pouring into the presale and a fun-loving aesthetic that’s resonating with investors, SLOTH could emerge as the next must-have meme coin on Solana.