Topics
Latest
AI
Amazon
Image Credits:Krisanapong Detraphiphat / Getty Images
Apps
Biotech & Health
mood
Image Credits:Krisanapong Detraphiphat / Getty Images
Cloud Computing
Commerce
Crypto
Enterprise
EVs
Fintech
Fundraising
Gadgets
Gaming
Government & Policy
Hardware
layoff
Media & Entertainment
Meta
Microsoft
seclusion
Robotics
Security
Social
infinite
startup
TikTok
Transportation
Venture
More from TechCrunch
case
Startup Battlefield
StrictlyVC
Podcasts
video recording
Partner Content
TechCrunch Brand Studio
Crunchboard
Contact Us
Dogwifhat and politically inspired tokens of President Biden and Trump also see price spikes
The token behind Solana , a layer-1 blockchain that ’s competitory with the Ethereum blockchain , has been through the wringer after it plummeted from a high of about $ 260 in late 2021 to a low around $ 8 in early 2023 . But like every good movie with a character redemption arc , Solana has one too .
The cryptocurrency passed $ 160 on Wednesday , marking its in high spirits toll since January 2022 . It ’s the fourthly largest cryptocurrency ( excluding stablecoins ) by market cap behind bitcoin , ether and BNB , in that ordination , and it ’s up 44.8 % on the calendar month and about 676 % from the yr - agone engagement , harmonise to CoinMarketCapdata .
The blockchain behind the relic is well know for its NFT market , which is thesecond largest by all - time cut-rate sale volumeat $ 5.2 billion , as well as its decentralized finance ( DeFi ) ecosystem and more of late , developers ’ ability to roil up memecoins on its chain quicker than I can write this article . So it ’s not surprising that the growth and adhesive friction on its blockchain is also being transpired through to its token .
Since mid - December , a phone number of Shiba Inu dog - theme tokens on the Solana blockchain like Bonk and dogwifhat have taken off . The two tokens , which seek to take advantage on the popularity of the original hot dog - based memecoin , Dogecoin , are up 150 % and 600 % on the calendar month , respectively . The dogwifhat residential area alsoself - funded about $ 700,000 in less than four days to get the token shown on the external open of the Modern Las Vegas Sphere — and masses paid through USDC , the secondly - tumid stablecoin , not dollars , to do it .
And do n’t worry , cat lovers : kitty - themed tokens like Popcat are also showing dotty gains . For setting , Popcat ’s toll increased 3,205 % on the month .
Bonk and Solana ’s web3 smartphoneSagagained more care after savvy crypto bargainer realized they could redeem 30 million tokens of BONK , deserving between $ 500 and $ 800 in December , on the gadget . At current price , the 30 million in free BONK souvenir is worth almost a grand .
Buying delirium for Solana Mobile ’s second phone drive preorders sky - high
Join us at TechCrunch Sessions: AI
Exhibit at TechCrunch Sessions: AI
In recent weeks , a number of politically inspired memecoins on the chemical chain also have gained traction , like jeo boden , doland tremp and the crudely- discover elizabath whoren , with market capitalization of $ 71.8 million , $ 47.8 million and $ 8.8 million , respectively , at the metre of publishing . ( If you ’re wondering if I misspelled those tokens base on U.S. politician ’s names , I did n’t . )
Even Coinbase , the largest crypto exchange in America , deal stepson its website for how to buy some of these token in the U.S. , through other boulevard off its own program . to trade in some of these cryptocurrencies on Solana , users take the aboriginal strand ’s token to pay a nominal fee , fractions of a penny.(Please note that none of this is fiscal advice , but one of the cause that could betoken to Solana ’s Mary Leontyne Price increase . )
Memecoins in cosmopolitan have seen a huge rallying as the crypto market extend to melting from its most recent winter . This , alongside airdrops from undertaking ’ tokens , have trigger off interest in Phantom , a crypto notecase heavily used across the Solana ecosystem , which has fancy itsactive substance abuser base more than triplein the past year to 3.2 million monthly alive users .
While the majority of these item have no rudimentary usefulness — dogwifhat isliterallynamed aftera dog wearing a knitted chapeau — people are still rebound behind them , arguably in hope of getting fat quick or because they resonate with the eccentric , tsunami - like communities these assets make .
But what goes up , often come up down , and the quick ascending of some memecoins is often followed by extreme busts , sometimes within days of launching . While some may keep cost support for months , as we ’ve seen with a handful of tokens , it ’s important to look at that not everything that shine like glitter is Au .
