Meme cash have a market cap of over $60 billion.
Tokens like Pepe and Bonk have made many millionaires.
SolJu could be the next large factor in the meme coin business.
Meme cash have carried out nicely this 12 months, as they outperformed most mainstream cash like Bitcoin, Ether, and Ripple. Some, like Pepe and Book of Meme (BOME) have surged to a report excessive whereas the whole market cap of all cash has soared to over $60 billion. SolJu, an upcoming Solana meme coin, could be the next large factor in the business.
Why meme cash soared
There are three foremost explanation why meme cash have carried out nicely this 12 months. First, most of these tokens soared as a way of greed unfold in the market. The concern and greed index has largely been in the inexperienced this 12 months as buyers anticipated price cuts by central banks like the Federal Reserve and the ECB.
Second, meme cash jumped as a result of of Bitcoin’s efficiency. Bitcoin, the largest crypto in the world, jumped to a report excessive in March as buyers cheered the approval of Bitcoin ETFs by the Federal Reserve. Since then, these funds have seen inflows of over 800k Bitcoins and the development could proceed.
The focus now shifts to the upcoming approval of Ethereum ETFs. In a press release final week, Gary Gensler predicted that these approvals will occur later this 12 months.
Meme cash are likely to do nicely when Bitcoin is prospering as a result of of their cheaper costs. As a outcome, most buyers purchase them as an alternative of the extremely costly cash like Bitcoin, Litecoin, and Bitcoin Cash.
Additionally, the idea of meme buying and selling has rebounded as evidenced by firms like GameStop and AMC. Also, merchants are being incentivised to purchase meme cash by actions in social media.
SolJu could be the next large factor
Now, focus amongst meme crypto buyers has shifted to SolJu, a brand new Solana meme coin that can be launched on Tuesday.
This is a meme coin that has been impressed by the success of Beercoin, a token whose market cap jumped to over $300 million not too long ago.
Its title is derived from Sol – for Solana – and Soju, a preferred South Korean spirit. As such, the hope is that the token will be a social platform the place Solju holders will collect and type a makeshift gathering with beer and meals.
SolJu will forego the common route of a token sale. Instead, the builders are planning a good sale, the place all tokens will be launched and then the market discovery will assist to find out its worth.
The preliminary provide of the token will be 100 million tokens whereas the preliminary liquidity will be $12,000. The beginning worth will be $0.00012, giving it room to develop in the coming months.
After the launch, the builders goal to spice up its worth by means of trade listings, video games, and partnerships in the crypto group. You can be taught extra about SolJu here.
