Solana Meme Coins Are Experiencing a Resurgence as Some of the Most Prominent Ones

This surge has pushed the total market cap of all these meme coins up by over 20% to $7.43 billion.

Solana’s meme coins are heating up again as some of the most famous ones are rebounding massively. Together, they pushed the total market cap over $7.43 billion, up more than 20% in the last 24 hours.

Fartcoin (FLAT), a popular AI-focused meme coin on Solana, is the best-performing major cryptocurrency this month as its price tag more than doubled. It went up over 300% from its lowest level this year and its market cap is approaching $1 billion.

The price of the Dogwifhat (WIF) token went up more than 16% in the last 24 hours and 23% in the last seven days.

Popcat’s (POPC) price increased by more than 23% in the last 24 hours and 77% in the last seven days while Goatseus Maximus (GOAT) went up 35% in the past week. Other top-performing Solana meme coins include Pudgy Penguins, Bonk, and Fwog.

These tokens helped heat up the Solana (CRYPTO: SOL) price which soared to $125 on Saturday. Crucially, they boosted the ecosystem with the volume on DEX networks like Orca, Raydium, Meteora, and Jupiter surging to nearly $2 billion in the last 24 hours and $14 billion in the past seven days.

See More: Bitcoin Price Shows Bottoming Signs As BTC ETF Outflows Continue

Why Is This Happening?

There are two main reasons why these tokens are heating up again. Their sharp decline from all-time highs made them into some serious bargains. As such, they are now bouncing back as investors are buying the dip.

Also, they are rebounding as hopes of a Federal Reserve put are increasing with the risks of a recession in the United States also rising. In a note to the FT, Susan Collins, a Fed official, stated:

“The core interest rate tool we use for monetary policy is, certainly not the only tool in the toolkit and probably not the best way to address challenges of liquidity or market functioning,”

Analysts believe the Fed will implement at least 3 interest rate cuts this year, which is more than the 2 initially indicated by officials. If this happens, risky assets, especially meme coins, will be some of the best performers. This explains why the US dollar index is plummeting.