Solana meme coins have certainly been the find of the 2024 crypto bull run.
Owing to their strong correlation with the Solana crypto, they have helped turn several retail investors into millionaires.
For instance, a crypto trader invested 178 $SOL tokens, worth $35k, in the $MEW token, also known as Cat In A Dogs World. In just 2 hours, his Mew portfolio was worth $8.9 million. After 5 days, his position in the new Solana meme coin was worth $44 million.
The price of $MEW just exceeded $0.01!This guy turned $35K into $44M in just 5 days, a gain of 1,267x!https://t.co/qoRXlkhfg3 pic.twitter.com/LP6hIoZcit
— Lookonchain (@lookonchain) March 31, 2024
The key for such outsized growth remains the same - investing in a high-potential meme coin early. Notably, the aforementioned trader invested in Mew just after the token started trading.
Why Do Solana Meme Coins Continue To Print Millionaires?
Solana meme coins have undoubtedly outperformed their Ethereum counterparts during this bull run. Bonk, Dogwifhat, Myro, Slerf, Smog, etc have all exceeded expectations.
Solana blockchain’s relatively high network capacity as compared to Ethereum is one of the factors contributing to their dominance. For instance, Solana meme coins require significantly less trading fees and are therefore easier to invest in for small-scale traders.
SOL’s bullish prospect is also a contributing factor. Meme coins have been acting as beta bets on their respective blockchains. With the Solana crypto emerging as one of the most bullish large-caps, its meme coins are also poised to offer outsized returns and print new millionaires.
Which Meme Coin Could Explode Next?
As previously mentioned, it is imperative for traders to invest in a high-potential meme coin early. They could choose to spot the recently launched tokens on websites such as DEXTools or DEXScreener. Alternatively, they could invest in crypto presales.
For instance, a new Solana meme coin - Slothana ($SLOTH) - has recently raised over $10 million in its presale. The strong early demand has drawn comparisons to Slerf and has led popular crypto YouTubers to project 100x - 1000x returns for the new meme coin.
As such, sloth-inspired meme coins are becoming the new meta and Slothana could benefit massively from the trend.
Interested buyers simply need to send $SOL tokens to the project wallet and receive $SLOTH tokens as an airdrop after the presale. The Slothana wallet address is EnSawje2vQSQKtGbPYdXEuYKm2sHgeLKJTqCmrDErKEA.
Alternatively, they can use the over-the-counter widget to connect their wallets and swap $SOL for $SLOTH. One Solana token will result in 10,000 Sloth tokens for the duration of the presale.
However, the Slothana presale is in its last days, with the meme coin set for a highly-anticipated DEX and CEX launch. The token price could potentially surge after launch, leading late buyers to miss out on this opportunity.
Investors can check the Slothana X account for the latest updates.
Could The Smog Token Still Deliver 10x Returns?
Crypto YouTubers have also identified Smog as an attractive buy that could still offer up to 10x returns.
Smog has already surged by close to 27,000% - skyrocketing from $0.001419 to $0.38 in just under a month. The meme coin reached a peak market capitalization of $263 million in March.
However, the token has since witnessed a pullback and currently has a valuation of just $125 million. Considering that experts such as Jacob Bury half previously backed Smog to reach a $1 billion valuation, new buyers can still see an 8x - 10x return on their investment.
Indeed, the meme coin still has several bullish catalysts that could help it reach the billion-dollar valuation. For instance, Smog recently started trading on the MEXC exchange, with more CEX listings a possibility.
Similarly, Smog’s ambitious airdrop campaign continues to see significant hype. After successfully concluding Season 1 of its airdrop, Season 2 already has more than 15,000 participants in just 4 days.
Indeed, Smog claims to deliver “the greatest airdrop in Solana history”. Investors simply need to hold $SMOG and register on Zealy to participate. Traders buying the meme coin with ETH can also stake their holdings and also earn airdrop points.
Disclaimer: This is a sponsored article and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
