Memecoins: The Next Hot Narrative In The Cryptocurrency Market?

Memecoins have emerged as the next hot narrative in the cryptocurrency market, dominating prices and rallying to unexpected heights.

Memecoins have taken over the cryptocurrency market, becoming the dominant narrative and driving prices to unexpected heights. These tokens, which began as play projects in the early stages of the crypto market, now appear to be an enduring trend.

An initial project that started with Dogecoin, Shiba Inu in just a few million dollars, is now ranked among the top cryptocurrency ecosystems with over $120 billion market capitalization as the memecoin industry shows no signs of slowing down.

The memecoin rally has drawn significant attention from both investors and retailers, thanks to its viral social media culture and influence. Memecoin volume has skyrocketed in recent weeks.

Let's examine some of these memecoins, or Solana memecoins, that have contributed to the memecoin rally and why investors should keep an eye on some top Solana memecoins ahead of the bull market.

Solana Memecoin Performance

Source – Solana memecoin performance on Dune Analytics

Memecoins have been on a tear for the past two weeks. However, a large portion of the transactions contributing to the memecoin rally are Solana memecoins, which have captured the attention of both retailers and investors seeking to buy into short-term promising memecoin with high potential.

Google Trends shows new highs in SEO search requests for memecoins, with many retailers and investors searching for the next big Solana memecoin like PNUT, BONK, and WIF.

BONK Price Prediction And Chart

Source – BONK Price Chart From TradingView

Will BONK price reach $1? This question is on the minds of many retailers and new traders entering the crypto space. While it's possible but would require a lot of volume to pull off, the price of BONK will continue to create new highs as long as the crypto bull market is sustained.

BONK is likely to cancel 2-3 zeros heading into 2025, but overall, price action for BONK shows that bulls are in control.

PNUT Price Prediction

Source – PNUT Price Chart From TradingView

Peanut the Squirrel, the Solana memecoin that took the crypto space by storm, making numbers and rallying to over $2 billion market cap beyond the expectations of many. Despite being a Solana memecoin, PNUT has built a strong community that is solidly behind this project.

Although a memecoin, there are high chances of PNUT price prediction coming through as the price could rally to the $3 to $5 mark as the price of PNUT looks strong with more holders than sellers.

With PNUT’s price breaking out of its bullish wedge structure, there are chances of it hitting $3 in the short term.

Another Solana memecoin struggling to meet many analysts’ expectations is WIF (Dogwifhat). This famous Solana mascot made a name for itself in previous months, ranging from a low of $0.001 to a high of $4.8, leading to a major listing on exchanges.

Why does WIF continue to underperform? There is a chance that the WIF will be worth $10 shortly as it will trade around $3.8-$4.