Solana Memecoin Sector Analysis

Solana Memecoin sector aggregate valuation has reached $6 billion in July 2024 as per Coingecko data, while the likes of Dogwifhat (WIF), Book of Memes (BOME) and SLERF dominated the sector performance in H1, 2024, investors are looking to discover the next set of memes that could race up the charts in the second-half of 2024.

3 relatively new meme tokens TEA, Popcat, and Catwifhat (CWIF) have emerged front-runners for a similar breakout in the second half of the year.

Solana Memecoin Sector Smashes $6B Milestone as New Tokens Emerge

In the first half of 2024, the global crypto markets had a remarkably positive performance. Between Jan 1 and the close of June 30, Bitcoin (BTC) price grew by approximately 50% while the aggregate crypto market  (TOTALCAP) grew by 25% adding over $411 billion during that period.

In addition to Bitcoin ETFs and Real-World Asset Tokenization, Solana memes also emerged as one of the dominant themes in the crypto market in 2024.

At the close of 2023, the Solana memecoin sector was worth less than $3 billion. The blistering success of the likes of Dogwifhat (WIF), SLERF, Book of Memes (BOME) and a few others has left some early investors holding 2,000% profits within weeks post-launch.

This eventful H1 2024 boom has triggered a strategic race among investors looking to get in early on the next Solana meme breakout tokens in the second half of the year. Having explored recent ecosystem developments with the Solana ecosystem, tokens like TEA, Catwifhat and Popcat have emerged front-runners.

TEA Token Flashes Early Bullish Signals after Successful Launch

On July 4, a new Solana memecoin TEA completed its presale, raising 38,888 SOL (~$5.2 million) from investors and community members. On June 9, TEA minted its token on Solana and began its distribution to presale participants. The token was also listed on Raydium, one of Solana’s largest DEXes.

In accordance with the roadmap and tokenomics, TEA allocated part of the token supply to market-making and DEX to support liquidity and token trades. Minting, DEX listing, liquidity provision, and the subsequent price maintenance required numerous operations conducted from the project’s wallets, which attracted the Solana community’s attention.

Notably, the TEA team recently gained plaudits after they successfully warded off attempts by hackers and price-manipulating bots on Solana  to steal their recently raised funds stored in the project’s wallets.

Snipers on Solana are bots that target newly generated tokens. At the moment of liquidity pool creation, they buy tokens at a low price and then start selling them at a higher price as the token’s community members join.

To counteract sniper bots, the TEA team utilized help of an anti-snipe solution provider and transferred 1100 SOL in a dedicated 5g7y wallet address.  After successfully eliminating the sniper bots, the TEA token’s price surged significantly as it allayed investors fears of potential vulnerability.

More so, TEA leverages automated trading techniques to support price stability. More precisely, it utilizes the DCA (Dollar-Cost Averaging) strategy using Jupiter Station, a trading infrastructure provider on Solana. The DCA strategy helps support the price and protect the asset from aggressive selling.

As of July 12, TEA is trading around the $0.000010 area with a fully-diluted market capitalization of $9.7 million. With an average daily trading volume now nearing $5 million,TEA’s Trading Volume to Market Cap ratio stands at approximately 0.515.

This ratio highlights a highly active trading market, indicating strong liquidity and considerable investor interest in TEA despite its relatively low price point.

As a result, TEA appears to have sufficient market activity to support potential upward price movements in either direction, making it a cryptocurrency worth watching for both short-term traders and long-term investors.

Catwifhat (CWIF) Hits $6M MarketCap as it Looks to Follow WIFs Footstep 

Catwifhat ($CWIF) has been one of the standout performers in the Solana memecoin space. Following in the footsteps of Dogwifhat, CWIF has shown impressive growth, with its market capitalization reaching $6 million. The token has been buoyed by several positive developments and strong community support, which has driven investor interest.

One of the key bullish catalysts for CWIF in H2 2024 is its recent listing on prominent decentralized exchanges, coupled with strategic partnerships within the Solana ecosystem. 

Additionally, CWIF has successfully launched several community-driven initiatives and marketing campaigns that have significantly increased its visibility and adoption. These efforts are reflected in its trading volume, which has been robust, averaging around $5.8 million daily​. 

At the time of writing on July 12, CWIF is trading at around $0.0000008209, with a fully-diluted market capitalization of $19 million. With an average trading volume nearing $5.8 million daily, CWIF’s Trading Volume to Market Cap (TVMC) ratio stands at approximately 0.305. 

From a technical analysis perspective, CWIF is showing promising signs. The token has maintained a positive trajectory, and key indicators such as the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) suggest continued bullish momentum. 

These key indicators hint at a relatively active trading market, suggesting decent liquidity and investor interest in CWIF making it another Solana namecoin worth watching in July 2024 and beyond. 

POPCAT Breaks into Top 5 With $400M Valuation 

POPCAT has made a significant impact on the Solana memecoin market, breaking into the top five with a remarkable $400 million valuation. 

This surge has been driven by a combination of strong community support, innovative developments, and strategic partnerships that have enhanced its visibility and utility within the ecosystem. The token’s rapid rise is a testament to its growing popularity and the increasing interest from both retail and institutional investors​. 

Several positive developments have bolstered POPCAT’s position in the market. Notably, the token’s integration with major decentralized finance (DeFi) platforms on Solana has expanded its use cases, making it more attractive to a broader audience. Additionally, POPCAT has successfully launched a series of NFT collaborations and gaming partnerships that have further fueled its adoption and increased its market presence​.

Looking ahead to H2 2024, POPCAT is well-positioned to capitalize on its recent successes. The token’s roadmap includes several promising initiatives, such as the rollout of a new staking mechanism and the introduction of a rewards program for long-term holders.

These initiatives are expected to drive further engagement and loyalty among its user base, potentially leading to sustained price growth and market expansion​.

At the time of writing on July 12, POPCAT is trading at around $0.000058 with a fully-diluted market capitalization of $400 million.

With an average trading volume nearing $25 million daily, POPCAT’s Trading Volume to Market Cap (TVMC) ratio stands at approximately 0.0625. This ratio indicates a highly active trading market, suggesting substantial liquidity and investor interest in POPCAT. 

Therefore, POPCAT’s robust market activity suggests it has the potential for upward price trends, making it an attractive option for both short-term traders and long-term investors. 

To recap, with a $6 billion market cap, the Solana memecoin sectors continue to attract investors’ interest. As the US Fed is set to cut interest rates in H2 2024, tokens like TEA, Catwifhat (CWIF) and POPCAT are some of the Solana native memes to watch in the coming months.