- Solana is becoming a hotspot for meme coins following the launch of the second trending token in this category.
- The Silly Dragon altcoin is trading at $0.140 after a 160% rally in the last seven days.
- The price of Solana and BONK also managed to register a growth of more than 22% in the last 24 hours.
Solana entered the list of blockchains supporting meme coins this year with the launch of Bonk, and it seems that the growth of this field will likely continue in 2024 as well. The reason behind this is another meme coin on the chain that recently achieved huge profits before the year.
“SILLY” meme coin based on Solana
In recent days, a Solana-based meme coin, Silly Dragon, has seen a considerable rise. The cryptocurrency, which carries the symbol 'SILLY', has achieved a 161% rally in the last week, going from $0.0543 to $0.1419 at the time of writing.
SILLY/USD 1-day chart
In the previous 24 hours, the meme coin closed up 15%. However, it managed to rise more than 31% during intraday trading hours. With a market capitalization of $140 million and a trading volume of $33 million in the last 24 hours, it is safe to say that the altcoin could witness a liquidity could collapse at any time if any of the whale holders decide to sell, so it is important for investors to be cautious.
'Silly Dragon', as cryptocurrency database website CoinMarketCap notes, is a character that emerged from the Solana ecosystem. This character was officially introduced by Anatoly Yakovenko, co-founder of Solana, during Halloween 2023.
Furthermore, as of now, unverified claims claim that the total circulating supply of the meme coin is 1 billion SILLY tokens without transaction tax.
Solana could become a meme coin presenter
This is the second meme coin that has not only emerged but also rallied sharply in recent weeks on Solana. The first to do so was Bonk, another dog-based meme coin that nearly rallied 176% the day it was listed on Coinbase.
Although the value of the token has decreased significantly since then, the altcoin managed to record 22% growth in the last three days before correcting 8% on Friday to take the trading price to $0.00001576.
BONK/USD 1-day chart
The sudden rise in value was also reflected in Solana's price action, as the altcoin saw a 5.7% increase in the last 24 hours. Priced at $106, the cryptocurrency is attempting to recover the 15.82% drop seen over the holidays.
While the rise of such meme coins could serve as a boost to Solana's price, constant repetitions could result in the blockchain acquiring a reputation that could harm its growth to become the world's fourth-largest crypto asset. .
