In the crypto market, where trends can shift as swiftly as the wind, a new meme coin has emerged on the Solana (SOL) network. It is sending shockwaves through the industry.
Despite the typically short-lived moments of meme coins in the spotlight, these assets continue to captivate investors with their potential for astronomical gains.
Solana Meme Coins On the Rise
Dogecoin, not to be confused with the original Dogecoin (DOGE), experienced an astonishing surge in value, rising by an incredible 1,401,490% in just a single day. However, as of writing, it has almost retraced back to previous levels.
Data from DEXtools shows that Dogecoin’s total market capitalization now stands at $86,160, with liquidity reaching $25,530 and a 24-hour trading volume of $60,000.
The surge of Dogecoin on Solana comes amidst a broader uptrend in the ecosystem. However, potential investors should exercise caution, as Dogecoin’s liquidity remains relatively low. It is worth noting that low liquidity can increase volatility, posing challenges for traders looking to enter or exit positions.
Read more: Dogecoin (DOGE) vs Shiba Inu (SHIB): What’s the Difference?
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Author: Harsh Notariya
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