Sunday, 14 July 2024

Crypto News

Solana tokens Solend and Jito are soaring as Memeinator thrives

The Memeinator outlook amid MicroStrategy’s $60M unrealized BTC gain

  • Solana and its top tokens are rebounding as a sense of fear spreads in the market.

  • Some of the most notable tokens are Jito and Solend.

  • Memeinator has raised over $3.5 million from its investors.

Cryptocurrency prices had a volatile performance last week as investors cheered the latest SEC approval of Bitcoin ETFs. While Bitcoin initially jumped after the report, it then pulled back sharply as traders sold the news. It remains sharply below last week’s high of $49,000.

Solana tokens rebound

However, some altcoins have stepped in to continue the rally. Solana, the fifth biggest cryptocurrency, has risen by over 5% in the past 24 hours and is approaching the psychological level of $100. 

Some of the most prominent tokens in the ecosystem like Solend (SLND) and Jito have jumped further. Solend rose by over 43% while Jito jumped by over 23% in a high-volume environment. Other tokens like Bonk and Raydium also soared.

It is unclear why these tokens bounced back during the weekend since there was no major related news. A likely reason is that Solana and its tokens are merely having a buy-the-dip situation after they pulled back in the past few weeks. 

Solana and its ecosystem tokens were among the best-performing cryptocurrencies in 2023 even as concerns about FTX rose. The SOL token jumped by more than 700% from the lowest point in 2023 to its peak. Similarly, tokens like Bonk, Solend, and Raydium surged as they gained market share in their ecosystem.

Solana is also likely rising as traders anticipate a filing for a Solana ETF. While this is possible, it is unlikely that the SEC will approve it because it sees the token as a financial security because of its staking features.

Memeinator is thriving

Meanwhile, Memeinator, an upcoming token is thriving, as evidenced by its ongoing token sale. The developers have already raised over $3.5 million from traders who hope to make a fortune when it lists in the coming months. 

Many early investors of tokens have gone ahead and made a fortune when their tokens goes parabolic. A good example of this is traders who bought a token like Bonk in December 2022. In the end, the token surged by more than 5,000% in 2023 as meme coins surged.

Similarly, people who bought tokens like Shiba Inu, Pepe, and Dogelon Mars made exciting returns when they surged.

Memeinator hopes to create value for its…

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