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The Solana memecoin [SOL] market has just reached a notable milestone as its total market capitalization surged to a record $12 billion, thanks to a 30% increase in the past 24 hours.
The strong growth reflects the booming Solana ecosystem and the growing appeal of highly speculative assets like memecoin. But what led to this strong price surge?
Key factors driving the $12 billion surge
The 24-hour price surge of memecoins on Solana – with prominent memes like Peanut the Squirrel, GOAT, and POPCAT – could be fueled by the 2024 US presidential election race.
As markets face volatility and uncertainty surrounding the election outcome, many investors are turning to riskier assets like memecoin, hoping to make quick profits amid a changing political landscape. Additionally, investor sentiment is also a factor, especially as celebrities can attract retail investors to memecoins.
The excitement surrounding the election combined with active social media engagement may explain the overnight surge in memecoins. Prominent memecoin projects lead the rally The top two memecoins in the Solana ecosystem, dogwifhat [WIF] and Bonk [BONK], remain at the top.
In particular, WIF has shown strong volatility with a 13.31% increase on the day, pushing its price to $2.38. The increased trading volume suggests greater interest from traders, creating a potential short-term bullish momentum.
Meanwhile, BONK is trading around $0.0000192, up 16.62% as it attempts to recover from its recent low.
Read more: ETH Could See a 222% Surge, Mirroring Solana’s 2023 Performance
The rise in both coins shows a growing appetite for risk, although high volatility continues – investors are advised to be cautious. Additionally, new projects and recently launched NFT tie-ups are also fueling excitement and contributing to the strong growth of the market.
