In the daring world of crypto enthusiasts, a pattern has emerged among meme tokens:
- The 1st meme token gathers a capitalization of 1 Billion.
- The 2nd meme token achieves 100 Million.
- The 3rd to 5th meme tokens reach around 25 Million each.
- The 6th to 10th meme tokens hit the 10 Million mark.
So, why didn’t this pattern hold for meme tokens on Solana, and which meme could potentially hit the next billion?
$PEPE, one of the first meme tokens on Ethereum, amassed over a billion in capital within its first month. This success sparked a frenzy of projects attempting to emulate the iconic meme’s triumph. For instance, $BOB launched days later but only managed to gather 50 million in capital.
Binance, keen not to miss out on the trend, supported it by creating an ecosystem that vastly outperformed Ethereum in terms of user convenience: Lower transaction costs, liquidity farming, and staking created a meme token wave on the BSC that couldn’t quite replicate $PEPE’s success.
What Went Wrong with Solana?
JUP distributed tokens worth 700 million, and JTO 240 million, sparking interest in these projects. Bonk took decisive action, setting a meme token trend with an airdrop alongside Solana Mobile, ultimately achieving nearly two billion in capitalization!
Market caps of notable mentions included:
- WIF at 900 million
- MYRO at 330 million
- ANALOS at 220 million
- SILLY at 90 million
Key to this success were listings on KuCoin and Bybit (including futures), facilitated by Gotbit Hedge Fund.
Subsequently, over 30 meme tokens, including PONKE, HONK, NEVER, and other Gotbit partners, broke the previously observed pattern by gathering 30-50 million each. This shift was partly due to institutional investors pouring significant liquidity into Solana’s projects.
Gotbit enables institutions to trade across various networks while managing hundreds of transactions, with the Gotbit Trading Desk offering optimal solutions for implementing on-chain investment strategies.
As Solana’s ecosystem potentially gears up for another expansion wave with SOL > 130, one wonders if the next big hit will emerge from Solana or another Layer 1/Layer 2 network. The future remains ripe with possibilities, with traders and game hunters keenly watching for the next big opportunity.