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Solana has become a hub for meme coins, taking over from Ethereum. Today, four of the top ten meme coins in the crypto market are live on the Solana blockchain.
However, every now and then, the market notes the emergence of a meme coin that blows the other tokens out of water.
Solana Meme Coin’s 10,000% Rise
Solana meme coin Crypto-AI-Robo.com (CAIR) surprised the market with an 11,712% rise in just one week in July. The rally pushed the altcoin’s price from $0.0001076 to $0.01271.
Read more: 11 Top Solana Meme Coins to Watch in August 2024
The token aims to revolutionize content creation by combining AI, Blockchain, and Robotics. These are three of the most trending terms in the last few months, which is how CAIR capitalized on them and recorded the gains.
However, this does not make CAIR an investment-worthy token. The fluke of an 11,712% rally still does not change the fact that the meme coin market is running very weak at the moment. As a matter of fact, within the Solana ecosystem, the top meme coins – dogwifhat (WIF), BONK, POPCAT, Book OF Meme Coin (BOME), etc., have mostly noted declines in the past month.
POPCAT was the only meme coin to perform decently, rising by a little over 20% in the past month. Thus, while the meme coins’ hype might keep pushing the likes of CAIR towards achieving the impossible, they are not worth much.
Solana Is Suffering, Too
Along with Solana meme coins, the SOL token is also suffering. It has not recorded any considerable growth. The daily chart shows that SOL dropped by 11% over the last five days, currently trading at $164.
The drop has nearly failed the bullish double-bottom pattern, and failure would be confirmed should Solana’s price fall below $156. This pattern predicts a 31% rally for SOL, which would push it to the target price of $245.
Read more: 6 Best Platforms To Buy Solana (SOL) in 2024
However, the broader market cues might make this difficult. If SOL does not meet either of the conditions, a consolidation between $156 and $186 will likely occur.