Solana memecoins outperform SOL as SLOTH ICO raises $10m

Solana meme coins have surged ahead of SOL, with the Slothana ICO swiftly gathering $10 million, signaling strong investor interest and potential for future growth.

The Solana meme coin frenzy continues, with data showing that meme coins have outperformed SOL in recent weeks. But new presale crypto Slothana looks set to go big next after raising $10 million in under two weeks.

Memecoin demand bolsters Solana’s on-chain metrics

The Solana meme coin ecosystem has displayed unwavering resilience recently, continually outperforming SOL. This demand for memecoins has also skyrocketed the network’s on-chain metrics.

CoinGecko data shows the Solana meme coin sector’s total market cap has increased by 3.2% in the last 24 hours, while Solana’s price has decreased by 1.9%.

Adding to the excitement, new meme coins like White Coffee Cat, CatWifHat, and Silly Goose have drastically outperformed SOL today, up 153%, 96%, and 25%, respectively.

The same phenomenon is apparent over a longer time scale, with the market-leading Solana meme coin Dogwifhat decisively outpacing SOL since its December 2023 inception.

Even those who bought in since its March Binance listing would be drastically better off than SOL holders.

Similarly, Book of Meme has outperformed SOL. Its initial post-presale pump catapulted it to meme coin stardom, but after a brief pullback, the meme coin has steadily uptrended while SOL remains flat.

The Solana network’s on-chain metrics reflect this unprecedented market appetite for its meme coins. DeFiLlama data shows a drastic rise in TVL and stablecoin inflows over recent weeks.

This represents market participants moving liquidity on-chain to interact with Solana ecosystem meme coins.

Prominent analyst Ash Crypto attributes Solana’s meme coin success to a more robust user experience than other networks like Ethereum. Mainly, this comes down to lower fees.

The analyst explained, “Solana meme coins made way more millionaires than Ethereum meme coins, and fees are the biggest issue.” He continued, “Some dude on Solana turned $80 to $1M, while to do a single swap on ETH, it costs $80, and if the transaction fails, you still pay the fee. This is the simple reason why retail is going heavy on Solana.”

Indeed, this sets a bullish precedent for new Solana meme coins, the most promising being Slothana. The project is currently undergoing a presale and has raised over $10 million in two weeks.

Trending Solana memecoin Slothana raises $10m in 2 weeks 

New Solana meme coin Slothana has raised a whopping $10 million in its first two weeks, outpacing other giants like Book of Meme and Slerf.

In the aftermath of Book of Meme and Slerf’s presales, both projects achieved monumental success, with BOME becoming the fastest-ever meme coin to a $1 billion market cap and SLERF overtaking Ethereum in on-chain trading volume.

This presents a tremendously bullish outlook for the lazy sloth-themed meme coin. However, another exciting factor is rumors that the Smog team is behind Slothana.

Smog is another Solana-based meme coin that launched in February and soared over 100x to a $200 million market cap within weeks. Quick-footed degens quickly spotted a connection between the projects, with Smog commenting on Slothana’s first-ever X post when it had less than 50 followers.

It’s also worth noting that the Wall Street Memes X commented on the post. Wall Street Memes boasts over one million followers and launched a presale last year, which raised $30 million.

These factors have caused a ruckus among analysts, with prominent YouTube account 99Bitcoins recently telling its 700K subscribers that Slothana holds 100x potential.

However, urgency is kicking in for investors. The presale has already raised over $10 million, so it is seemingly advancing to its later stages. 

To learn more about Slothana, visit the Slothana presale.