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Memes have a market capitalization of over $60 billion.
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Tokens like Pepe and Bonk have made many millionaires.
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SolJu may very well be the subsequent massive factor within the meme coin business.
Meme cash have carried out nicely this 12 months as they’ve outperformed most mainstream cash similar to Bitcoin, Ether and Ripple. A few of them, similar to Pepe and E book of Meme (BOME), have reached file ranges, whereas the whole market capitalization of all cash has exceeded $60 billion. Salt, the upcoming meme coin Solana may very well be the subsequent massive factor within the business.
Why meme cash took off
There are three primary the explanation why meme cash have taken off this 12 months. First, most of those tokens took off when a sense of greed prevailed out there. The fear-greed index has been largely constructive this 12 months as buyers have been anticipating price cuts by central banks such because the Federal Reserve and the ECB.
Second, meme cash have surged as a result of Bitcoin’s efficiency. Bitcoin, the world’s largest crypto, surged to file highs in March as buyers cheered the Federal Reserve’s approval of a Bitcoin ETF. Since then, the influx of those funds has amounted to greater than 800 thousand bitcoins, and this pattern could proceed.
Consideration now shifts to the upcoming Ethereum ETF approval. In a press release final week, Gary Gensler predicted these approvals would occur later this 12 months.
Meme cash are inclined to do nicely when Bitcoin is booming as a result of their decrease costs. In consequence, most buyers purchase them as a substitute of very costly cash like Bitcoin, Litecoin and Bitcoin Money.
Moreover, the idea of meme buying and selling has made a resurgence, as evidenced by corporations similar to GameStop and AMC. Moreover, social media exercise encourages merchants to purchase meme cash.
SolJu may very well be the subsequent massive factor
Now, the main focus of crypto buyers in memes has shifted to the brand new SolJu Salana meme coin to be launched on Tuesday.
It is a meme coin that was impressed by the success of Beercoin, a token whose market cap lately jumped to over $300 million.
Its identify comes from Sol – for Solana – and Soju, a well-liked South Korean spirit. So the hope is that the token will turn into a social platform the place Solju house owners will collect and kind an impromptu gathering with beer and meals.
SolJu will abandon the favored means of promoting tokens. As an alternative, the builders are planning a good sale, the place all tokens will probably be launched, after which an open market will assist decide their worth.
The preliminary provide of the token will probably be 100 million tokens and the preliminary liquidity will probably be $12,000. The beginning worth will probably be $0.00012, which can enable it to develop within the coming months.
After launch, the builders want to improve the value by exchanges, video games and partnerships within the crypto neighborhood. You possibly can be taught extra about SolJu right here.