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Retail traders are flocking to memecoins, driving a surge in Solana’s ecosystem, capturing attention amid a broader crypto rally that recently pushed Bitcoin (BTC) to all-time highs.
BONK, a Solana-native memecoin, led gains with a 97% jump in the past week, recording $2.1 billion in trading volume in the past 24 hours—outpacing rivals like DOGE and SHIB. PEPE followed closely, with its recent addition to Coinbase and Robinhood sparking a 66.35% surge over the past week. PNUT, a squirrel-themed token on Solana, also saw a 1,200+% gains in the past week, though it is currently 27.5% below its all-time high of $2.44, set on November 14.
Solana Pushing New Highs
Amid this retail frenzy, Solana (SOL) has emerged as one of the most promising assets of the current market cycle, reaching $241—a new yearly high and less than 10% below its all-time high of $259, reached in November 2021. Analysts are closely monitoring Solana’s next move, with technical indicators pointing toward further upside.
The token's recent breakout above the $225 resistance has sparked significant buying pressure, with institutional and retail interest alike contributing to the upward trajectory.
"A sustained hold above this level would validate Solana’s bullish momentum, while a failure to do so might lead to a consolidation phase, allowing the market to digest gains before the next leg up," BRN analyst Valentin Fournier said.
Solana, which is has emerged as a hotspot for memecoin activity, with its low fees and fast transactions offering fertile ground for tokens like BONK. Created in late 2022, BONK has become a symbol of Solana’s resilience post-FTX collapse. Its rise is being propelled by community-driven deflationary moves, including a planned burn of 1 trillion tokens by December, aimed at boosting scarcity and value.
Daily burns are reducing BONK’s circulating supply through applications across Solana, such as Dragontail and BONKmark. These use cases enhance the token’s utility, while bullish technical patterns signal further upside. Traders see BONK’s $3.8 billion market cap as undervalued compared to DOGE and SHIB, which have market caps of $90 billion and $43 billion, respectively, during previous bull cycles.
“BONK’s breakout from consolidation aligns with rising demand across Solana’s ecosystem,” said one core contributor in a recent X post. “Its low market cap relative to peers leaves room for substantial growth.”
PEPE Rides Listing Momentum
Meanwhile, PEPE is capitalizing on its recent listings on Coinbase and Robinhood last week, with the news triggering a nearly 50% price increase. This surge pushed PEPE’s market cap beyond $8 billion, placing it among the largest cryptocurrencies.
PEPE’s breakout from a critical consolidation zone has ignited bullish sentiment, with analysts drawing parallels to previous rallies of DOGE and SHIB. Technical indicators such as a sustained RSI above 70 and a bullish MACD crossover suggest continued momentum.
Retail-Driven Growth Fuels Memecoin Resurgence
Memecoins thrive on community engagement and speculative trading, and their current rally highlights the growing influence of retail investors in crypto markets. Bitcoin’s new highs have catalyzed a broader market revival, but tokens like BONK and PEPE are capturing the lion’s share of retail attention.
Data from Coinbase shows BONK leading memecoin trading volumes at $384 million, reflecting heightened interest from both retail and institutional players. These figures underscore the growing appeal of memecoins as an entry point for new investors drawn by their affordability and high volatility.
“Retail mania is back, and memecoins are leading the charge,” said a trader on X. “The last time we saw this kind of excitement, DOGE and SHIB reached astronomical valuations. BONK and PEPE could follow similar paths.”
As Bitcoin continues its rally, the spotlight remains on Solana’s ecosystem and the growing memecoin market. With retail energy driving speculative assets to new heights, the question isn’t whether memecoins will play a role in the market but how much further they can climb.
For now, tokens like BONK and PEPE are setting the pace for a retail resurgence that shows no signs of slowing.
Blockhead
