Solana’s top meme coins have tumbled today, with Bonk down 3.5% and Dogwifhat down 6.9%. However, several lower market cap meme coins are continuing to advance. Moreover, traders are backing the trending Slothana presale to explode after raising $10 million in two weeks.
Top Solana Meme Coins Dive as Traders Capitalize on SOL Bounce
The recent Solana meme coin selloff comes as SOL finds support and begins to push ahead. Traders, on the other hand, are speculating that the next leg up is on the horizon.
As such, meme coin holders have reduced their position sizes, reallocating SOL to capitalize on the bullish momentum.
Currently, Bonk is trading at $0.00002036, down 3.5% today. However, despite the recent selloff, both Bonk and Dogwifhat remain up this week.
Bonk is trading at a 45% premium from last week. However, the asset is down 7.4% this month and 54% from its March 2024 all-time high (ATH).
Its market cap is $1.3 billion, and its 24-hour trading volume is $174 million, down 53% today.
While Bonk is down in recent months, one analyst notes a falling wedge breakout, which is often synonymous with a reversal to the upside.
“Impressive move by BONK! After bouncing off support at $0.00001335, it’s up 62% to $0.000021. Chart analysis points to a breakout from a falling wedge pattern, hinting at more gains ahead. My next targets are $0.000029, $0.0000366, and $0.0000428,” wrote X-istan.
Dogwifhat has struggled more than Bonk this week, trading at $2.8 and down 6.9% today and up 10% this week.
However, it has outperformed Bonk this month, up 23% and closer to its ATH, down 43%.
WIF holds a $2.7 billion market cap and a $395 million 24-hour trading volume, down 0.1% today.
Prominent commentator Ansem is bullish on WIF and nods toward an explosive upswing in the coming months.
The analyst explained in a recent tweet: “The last time WIF consolidated in a tight price range for two months and then broke out, it ripped from $0.30 to $4.”
However, while Bonk and Dogwifhat have struggled to gain momentum recently, other Solana meme coins continue to advance, with the new presale Slothana backed to explode next.
Trader Says New Slothana Meme Coin Could 100X, Presale Ends in 6 Days
Following in the tracks of other Solana presale enigmas like Book of Meme and Slerf, Slothana adopts a nonchalant yet highly compelling approach to memetic activity.
The sloth-themed meme coin launched a presale recently and raised $10 million in its opening two weeks, overshadowing the total raises of BOME and SLERF.
Following their respective presales, BOME became the fastest meme coin to a $1 billion market cap, and Slerf eclipsed Ethereum in on-chain trading volume. This drew coverage from media juggernauts like Bloomberg.
Considering Slothana has outperformed both of their presales, this presents an immensely bullish outlook for the new meme coin. Currently, investors face their final chance to buy at a fixed presale price, with the campaign ending in six days.
Adding to the excitement, quick-witted sleuths speculate that the Smog team is behind Slothana, identifying a connection where Smog replied to Slothana’s first-ever X post when it had less than 50 followers.
This drastically enhances Slothana’s bull case because Smog soared over 100x to a $270 million market cap after launching in February.
As such, leading analysts have weighed in, with Michael Wrubel telling his 311K YouTube subscribers that Slothana is his “next 100x meme coin.”
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