Solana’s Meme Coin Mania, Security Shocks, and Ethereum’s Declining Supply

Written by BTSE

March 18, 2024

At the start of the business week in Asia, Solana’s (SOL) performance captured attention as its price hit the $200 mark, marking a 10.5% rise within 24 hours. This is despite a relative dip across the crypto market over the weekend. Solana’s jump is largely fueled by the meme coin craze within the Solana ecosystem, leading to gains across various altcoins. Concurrently, Solana’s search interest on Google Trends spiked to its peak value of 100, the highest in five years, surpassing the previous peak of 84 in early September 2021. Is this a clear sign of growing public interest in the Solana ecosystem?


What to Watch Out for Today


1. Surge in Solana’s Memecoin Trading: Solana’s ecosystem sees an unprecedented rise in memecoin trading volumes, pushing on-chain activities to new highs. Why the boom? A frenzy around new meme coins like Book of Meme (BOME) fuels this surge, bringing in new network users and raising transaction fees. Investors might consider the growing interest in Solana’s potential but should watch out for the inherent volatility of meme coins. Long SOL?


2. Remilia Founder’s Hacking Claims: Krishna Okhandiar, alias Charlotte Fang, the founder of Remilia and Milady, reports a significant hack, losing Ether and NFTs. Remilia is the DAO behind the Milady Maker NFT collection. How is this significant? This incident puts the spotlight back on blockchain security and the vulnerabilities even seasoned crypto players face. Crypto enthusiasts should tighten security measures and keep abreast of developments in the case for broader implications on NFT safety. 


3. Ethereum’s Ether Supply Declines Post-Upgrade: Post-Dencun upgrade, Ethereum records its lowest ether supply since August 2022, driven by high transaction burn rates. What’s behind this? Increased network activity suggests a bullish outlook for ether’s value. If you’re in the crypto market, keeping track of Ethereum’s network developments might offer clues on Ether’s trajectory. Long ETH?


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Note: BTSE Blog contents are intended solely to provide varying insights and perspectives. Unless otherwise noted, they do not represent the views of BTSE and should in no way be treated as investment advice. Markets are volatile, and trading brings rewards and risks. Trade with caution.

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