Solana’s meme coin is back – Dogwifhat soars to nearly 50 cents at one point | CoinDesk JAPAN

On-chain metrics suggest enthusiasm for meme coins on the Solana blockchain, similar to last year’s frenzy that drove the price of Solana (SOL) to nearly $121.

Data shows trading volume and user numbers for several meme coins launched in December have surged over the past week, with popular coin dogwifhat (WIF) surpassing all-time highs on futures listings and network effects. .

WIF took this step after traditional financial firm Franklin Templeton referenced the token’s “wif hat” meme in a late-night January 17th post to X, raising sentiment. It rose as much as 50% on the day before falling back.

In a subsequent tweet, Franklin Templeton’s digital assets team said it was “impressed” with the growth of Solana-based applications in the fourth quarter, making it one of the ecosystems it watches alongside Bitcoin and Ethereum. He said that there is.

Much of the token’s memetic value revolves around the image of a dog wearing a hat, and the term “wif hat” has taken root and grown in crypto circles.

You are unsure how to feel about Laser Eye Ben? Just think instead of Ben wif hat

— Franklin Templeton (@FTI_US) January 17, 2024

Other meme tokens such as USEDCAP, POPCAT, and KPOP are relatively small, with market capitalizations of less than $20 million (approximately 3 billion yen, equivalent to 1 dollar = 150 yen), but they have soared by 50%, according to data from tracking service Birdeye. did.

Some viral Solana tokens fell as much as 80% from their peaks once the meme coin craze died down, but early investors made huge profits. Some people have made millions of dollars with very little initial investment.

The latest popularity was announced by Solana Mobile.Smartphone “Two”may also be related.Traders say buyers of the smartphone will receive a $650 airdrop from a Solana-based application, similar to the $650 airdrop to Saga owners launched last year.air dropThere is speculation that it could receive an application.

The possibility of a token airdrop also sent the price soaring as the project hinted that MYRO would be gifting “Two” buyers with something special.

The smartphone is Solana Mobile’s second product after Saga, which was initially considered a failure. Meanwhile, Solana’s Application-Locked Value (TVL) has been steadily rising over the past week after briefly declining in the first week of 2024.

(DefiLlama)

｜Translation: CoinDesk JAPAN
｜Edited by: Toshihiko Inoue
｜Image: dogwifhat
｜Original text: Dogwifhat Zooms to Nearly 50 Cents as Solana Meme Coins Make a Comeback