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Bitcoin ETF Issuer Franklin Templeton Bullish On Solana (SOL), Foresees It As 3rd Largest Crypto

In the wake of the November 2022 crypto market crash, which saw the bankruptcy and collapse of FTX and other firms, Solana (SOL) has emerged as a standout performer, experiencing a year-to-date price increase of over 560%. 

With a market capitalization of $67 billion, Solana has secured its place as the fifth largest cryptocurrency, trailing only Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), and Tether’s USDT stablecoin.

Despite its substantial growth, asset management giant and Bitcoin exchange-traded fund (ETF) issuer Franklin Templeton anticipates further expansion for Solana as the emerging bull market takes shape. 

Solana Poised For Continued Growth

A recent report released by the firm highlights Solana’s strong position to capture the next wave of crypto adoption, solidifying itself as a major crypto asset alongside Bitcoin and Ethereum.

The report emphasizes that Solana’s growth will continue due to several key factors. Notably, the crypto industry witnessed accelerated activity during Q4 2023, with Solana as a focal point for major airdrops within its ecosystem, such as Jito and Pyth. 

According to the report, these airdrops generated a wealth effect of over a billion dollars, driving up the value of SOL and other Solana ecosystem tokens, particularly meme coins. This surge occurred concurrently with Bitcoin’s upward trend, providing additional momentum to the Solana ecosystem.

Since then, meme coins have gained significant attention, with a substantial portion of activity occurring on Solana. The network has witnessed the creation and trading of numerous meme coins, with some attaining multi-billion-dollar market caps, including Bonk (BONK) and Dogwifhat (WIF).

The Crypto Industry’s Next Big Breakthrough?

According to the asset manager, Solana has demonstrated significant growth over the past year, which is evident in the network’s increased total fees and decentralized exchange (DEX) volumes. The network’s low fees, transaction latency, and high data throughput relative to other networks have contributed to its success. 

Solana’s network effects are expected to strengthen further as its performance improves, positioning it to capture upcoming trends in the crypto space.

The future remains uncertain as crypto enthusiasts ponder the next big thing in the industry. However, Franklin Templeton suggests that there is a strong possibility that Solana could play a pivotal role. 

According to the report, the Solana ecosystem anticipates additional airdrops in the coming months, which will continue to enhance the ecosystem’s wealth effect. 

Moreover, meme coin activity shows no signs of slowing down on the Solana network, further adding to the bullish sentiment surrounding the cryptocurrency and its ecosystem.

Solana

SOL is now attempting to consolidate above the $150 level and has seen a significant 21% increase in the last seven days alone. 

Featured image from Shutterstock, chart from TradingView.com 

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Top 3 Solana Meme Coins To Buy Amid The Bitcoin Crash That Could 10x

As the Bitcoin price crash has ravaged the crypto market and left altcoins suffering, it has presented a unique buying opportunity for meme coins that may never come after this time. So here are the top 3 meme coins that could 10x your portfolio from here.

Solana-Based Myro Leads Meme Coins With Potential

Solana-based meme coins have been all the rave over the past year and with good reason as well. These meme coins have done so well in such a short time, coming up to compete with established Ethereum-based meme coins which have been around for years.

With the likes of WIF and BONK already crossing the $1 billion market cap market, the hunt is on for other Solana-based meme coins that could achieve this same feat, and that is where the Myro token comes in. Myro currently has a $200 million market cap, which makes it a prime candidate for crossing $1 billion. However, its most bullish developments have been its exchange listings.

Myro scored a Binance perpetual listing last month, which pushed its market cap above $400 million for the first time. It has since retraced, but this retracement is similar to what was seen with WIF, which fell back down to $180 million at a point. If Myro follows the WIF playbook, then its next leg up could see it rise more than 5x above the $1 billion mark.

Popcat: Another Solana Meme Coin On The Rise

Popcat is another Solana meme coin that has made waves in the space over the past few months. After a long stretch of consolidation, the price had eventually broken out in February to reach a new all-time high price of $0.37 in mid-March.

The price has since retraced a little over 50% since then and is now back to $0.17 with a market cap of $167 million. As with the majority of other meme coins, the total supply of the token is in circulation, which means there are no more unlocks coming up.

At the current market cap, reaching the $1 billion mark would be an over 500% increase for the meme coin. And with the bull market coming up, the price of Popcat could rally higher, bringing a more than 10x return for investors.

Wen (WEN) Meme Coin

Wen (WEN) is another Solana-based meme coin that has hit the crypto space in the last few months. Starting out as an airdrop for users of the Solana-based Jupiter decentralized exchange, it has quickly grown among meme coin investors as one of the more stable investments.

Just like the other meme coins on this list, the WEN token shows a lot of promise because it is still under a $200 million market cap. This puts it at an at least 5x move to $1 billion, with a possible 10x when it reaches the $2 billion market cap mark.

Solana price chart from Tradingview.com (Meme coins)

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Solana’s Memecoin BONK Reaches $1.6 Billion Market Cap, Witnesses Explosive 100% Price Rally

Solana (SOL) has reached a new 22-month high, demonstrating a remarkable 28% uptrend over the past month. However, the Solana-based meme coin, Bonk Inu (BONK), has captured investors’ attention with its explosive performance last month. 

Bonk Inu Outperforms PEPE

According to CoinGecko data, BONK has achieved a staggering 102% price uptrend in the last 7 days and an impressive 103% increase in the past month, reaching a trading price of $0.00002510 and attaining a 3-month high. 

In addition, the meme coin has experienced significant growth in market capitalization, reaching $1.6 billion and surpassing renowned tokens such as Pepe Coin (PEPE) to secure the 66th position among all cryptocurrencies, highlighting the growing interest in BONK as the cryptocurrency market experiences a resurgence of bullish sentiment fueled by Bitcoin’s (BTC) price uptrend.

BONK

Accumulating data from blockchain company Lookonchain shows the growing interest in Bonk Inu. In addition to the 50% increase in a single day, one wallet reportedly accumulated 98 billion BONK ($1.54 million) from the centralized crypto exchange (CEX) Binance just before the price increase. 

According to Lookonchain, the SmartMoney wallet currently holds 319.44 billion BONK tokens worth approximately $7 million, enjoying a profit of $2.9 million, which could have further contributed to the price surge in the past 24 hours. 

As of the latest update, the trading volume of Bonk Inu stands at $794,842,219 in the last 24 hours, demonstrating a substantial 74.30% increase compared to the previous day. This surge in trading volume indicates a recent rise in market activity surrounding the meme coin, reflecting growing investor participation and attention.

Potential Pullback Ahead? 

As the token enjoys one of its best trading months since its launch, crypto analyst Altcoin Sherpa expressed positive sentiment towards Bonk Inu, highlighting its potential for further growth. 

Altcoin Sherpa stated that Bonk Inu looks promising due to its relative underperformance compared to other meme coins, coupled with a notable uptrend pattern. The analyst wouldn’t be surprised to see Bonk Inu target previous highs and make further gains, although he suggested that a potential pullback may occur.

As the analyst suggests, the $0.00001940 price level may serve as a crucial support level for the BONK token in the event of a potential pullback or price correction. This level is significant as it would help maintain the current uptrend pattern observed on its daily chart. 

BONK

However, suppose this support level fails to hold. In that case, it’s possible that BONK could see a further price decline towards the $0.00001500 level, which acts as the ultimate support before a potential drop to the $0.00001350 mark, key for the token’s prospects as it represents the last line of defense to prevent a fully formed downtrend in the cryptocurrency’s performance.

On the other hand, when analyzing the BONK/USD 1-W chart, it is important to note that there are no prominent resistance levels. The chart above shows thin lines known as “wicks” above the candlesticks of the token since its launch on December 15th. 

This suggests that no significant obstacles prevent the token from reaching its all-time high of $0.0005487. The ability to maintain its current uptrend or potentially experience renewed bullish sentiment after a pullback will determine whether BONK can surpass this previous high.

Featured image from Shutterstock, chart from TradingView.com

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Solana Users Face Mounting Threat As Drainer Attacks Surge, SOL Price Plummets 13%

As the price of Solana (SOL) has skyrocketed by an astounding 722% year-to-date, the network’s rapid growth has attracted both attention and challenges. 

Not only has the native token gained significant value, but the use of Solana-based meme coins such as Bonk Inu (BONK), which has grown over 854% year-to-date, and decentralized applications (dApps) have skyrocketed. Unfortunately, this increased popularity has led to increased attacks against the so-called “Ethereum Killer.”

Malicious Solana dApps Exploited

Web3 security firm Blockaid has recently observed a concerning trend of users falling victim to attacks by Solana-based drainers. 

One notable example is the website lessfeesndgas[.]org, which succeeded in stealing tokens from the Solana Program Library (SPL), which is designed to support the creation and management of tokens on Solana and SOL worth hundreds of thousands of dollars.

Interestingly, according to the company’s post on X (formerly Twitter), Blockaid’s secure wallets remained immune to these attacks from the moment the site went live, preventing any connections from being made.

Solana

The sophistication of these drainers is noteworthy, according to the firm, as they can fool the simulations used by Solana wallets, causing users to sign malicious transactions unknowingly. Web3 security firm Blockaid further stated:

As Solana continues to gain popularity, drainer groups are increasingly moving towards it, as indicated by the growing number of malicious Solana dApps detected by Blockaid.

Solana’s rapid ascent as a high-performance blockchain platform has drawn admiration and scrutiny. Its ability to process transactions quickly and at a lower cost than Ethereum has positioned it as a strong competitor. 

However, the network’s success has also made it an attractive target for malicious actors seeking to exploit vulnerabilities and capitalize on its growing user base.

Still, this is not the only bad news for Solana in the past few hours, as its native token has been experiencing a continuous sharp drop in price, leading to the belief that its uptrend and bull run may be over despite the possibility of a rebound in the overall crypto market.

Stablecoin Surge And NFT Sales Fail To Prevent SOL’s Price Drop

In just five hours, the price of SOL experienced a significant 13% drop, hitting a low of $85 on Wednesday. This decline occurred despite notable growth in stablecoin transfers, which saw a rise of over 45% this week. 

Solana

Additionally, on Tuesday, SOL surpassed Ethereum in monthly trading volume for non-fungible token (NFT) sales, marking a milestone for the network.

SOL is the fifth-largest cryptocurrency, boasting a market capitalization of $42.6 billion. It holds a $12 billion lead over XRP and trails just behind Binance Coin (BNB) by a mere $6 billion.

The trajectory of SOL’s price remains uncertain as investors await signs of a potential bullish momentum resurgence.

Building a more secure framework for decentralized applications (dApps) could be pivotal in restoring investor confidence and attracting additional capital to the ecosystem, potentially propelling SOL to reclaim its one-year high of $126, previously achieved on December 25.

Solana

Featured image from Shutterstock, chart from TradingView.com 

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Solana Meme Coins: A Guide to Buying, Trading, And Profiting From SOL Investments

In the ever-evolving landscape of cryptocurrency, Solana has emerged as a prominent player, and within its ecosystem, meme coins are creating a buzz in the crypto community. Meme coin trading, with its inherent thrill of pump-and-dump scenarios, has gained momentum on Solana, driven by a surge in liquidity and recent airdrops that have propelled SOL prices. 

People who got the Pyth airdrop, the Jito airdrop, and the BONK airdrop need a place to dump and trade their free money, and Solana meme coins have given them the perfect avenue to do so. 

This comprehensive guide aims to walk you through the intricate process of acquiring SOL and navigating the exciting world of Solana meme coin trades, emphasizing key considerations for successful and profitable transactions.

Understanding The Landscape Of Meme Coins

Before delving into the specifics, let’s briefly understand the unique landscape of meme coin trading on Solana. Unlike traditional cryptocurrencies with established utilities and roadmaps, meme coins often lack such fundamentals. Don’t expect a life-changing technology that is supposed to change the crypto game. 

These meme coins thrive on community-driven speculation, making them a double-edged sword for traders – an opportunity for exhilarating gains or potential losses. It’s a game of rug, loss, or victory. The moment you start trading, you either make a profit or you lose. 

Acquiring SOL for Meme Coin Trades

For those new to Solana meme coin trading, the journey begins with acquiring SOL, Solana’s native cryptocurrency. Popular exchanges like Binance, Kucoin, and Bybit offer a gateway to obtain SOL. 

Once secured, the next step is transferring it to a compatible Solana decentralized exchange (DEX) wallet, such as Phantom Wallet. You can add the wallet to your computer’s browser as an extension or download the app directly to your device.

Phantom wallet

The SOL price has been trading pretty high since trading activities have been increasing, thanks to the meme coin trading. The last bull run saw the SOL price increase driven by an increase in NFT trading; this time around, it’s meme coins.

Identifying Profitable Meme Coins

With SOL in your Phantom wallet, the focus shifts to identifying promising meme coins. Platforms like Solana Dexscreener become invaluable, allowing you to track meme coins specifically on the Solana chain. 

Solana chain

Look for meme coins with lower market caps – an indicator that can significantly amplify profits during pump phases. Their names sometimes help, as meme coins with controversial names also help boost the chances of increasing the price or attracting people into trading them. 

Navigating Social Signals To Buy Good Coins On Solana

Beyond market cap considerations, a crucial aspect of meme coin trading is community engagement. A vibrant community can drive trading activity, contributing to a coin’s success. Check X (formerly Twitter) and other social platforms for discussions around the meme coin of interest. 

An active community that posts updates and engages with its audience adds credibility to the project. People get more excited and motivated when they keep seeing people talk about them, this is where the FOMO (Fear Of Missing Opportunity) comes into play. 

Guarding Against Rug Pulls On Solana Network

While pump and dump dynamics are inherent in meme coin trading, the specter of rug pulls adds an extra layer of risk. A rug pull occurs when the creators of a meme coin remove liquidity, rendering the coin untradable and leaving investors with a worthless asset.

Rug pulls often go undetected until they happen, making due diligence crucial when selecting meme coins for trading. You can never be too careful about them, this is why it’s advisable to trade with what you can afford to lose.

Additionally, there are scanners that provide some layer of security for investors by carrying out a rudimentary rug pull check. They check for common features of rug pull and honey pot contracts such as the inability to sell after buying, high taxes on transactions, etc. Examples of these tools include the Smart Contract Scanner by De.Fi.

Solana smart contract scanner

Choosing the Right Solana DEX

The Solana ecosystem boasts various decentralized exchanges, each with its unique features. Jupiter Exchange, Raydium, Birdeye, and Orca are among the prominent options. Platforms like Birdeye also provide charting capabilities, simplifying the decision-making process for traders. 

Solana trading meme coins

Some of the charts make trading meme coins easier as they have the contract addresses of the meme coins, but to be sure, it is advisable to check their Twitter because they can be fake copies of these meme coins that might want to take advantage of the meme coin hype and rug. 

Executing Your First Solana Meme Coin Trade

With SOL secured in your phantom wallet and a meme coin identified, it’s time to execute your first trade. Obtaining the contract address from the meme coin’s Twitter page is an essential step in the trading process. 

Connect your Phantom wallet to the chosen Solana DEX, input the contract address where you are supposed to swap for SOL, and initiate the swap, converting SOL to the selected meme coin.

buying meme coins

Alternatively, utilize Dexscreener to locate the “Trade On X” icon, where “X” represents the DEX for the Solana meme coin. A click directs you to a tab where the contract address is pre-filled, streamlining the trading process. 

This makes it easier to trade, and saves you time, should, in case, you want to trade at launch to catch the best prices. 

Risk Management And Future Trades

Prudent risk management is essential in meme coin trading. Avoiding the “MAX” button ensures you retain SOL for transaction fees during future trades. Consider allocating a portion of your SOL rather than risking the entire amount, providing flexibility for subsequent transactions. Remember to always trade with what you can afford to lose, so you don’t lose all your money.

Monitoring And Expanding Your Solana Portfolio

Congratulations, you’ve completed your first Solana meme coin trade! Now, whether you choose to monitor the chart for price progress or explore additional meme coin opportunities on Dexscreener, stay informed. 

Analyze trading activity, distinguishing between buying and selling actions – greens for buying, reds for selling. This analysis aids in making informed decisions, allowing you to stay ahead in the dynamic world of meme coin trading.

Conclusion

In conclusion, navigating the realm of Solana meme coin trading requires a blend of market awareness, community engagement, and strategic decision-making. By understanding the fundamentals, conducting thorough research, and implementing sound risk management practices, you can unlock the potential for profitable meme coin trades on the Solana blockchain.

As the crypto landscape continues to evolve, staying informed and adaptable will be key to success in this dynamic market. Happy trading!

Solana price chart from Tradingview.com