The rise of Solana-based meme coins will trigger the next bullish leg for the entire altcoin industry.
The Trump administration has convinced both retail and institutional investors that the crypto industry will be a major player in the coming years.
The Solana (SOL) network, a top-tier blockchain focused on democratizing smart contracts, has registered palpable gains against other layer one (L1) chains in the crypto industry in the recent past. The unwavering support of the Solana network by retail memecoin traders will grow to the next level under the Donald Trump administration.
According to Ki Young Ju, the founder and CEO at CryptoQuant, the memecoin industry will grow exponentially for at least the next four years. The combination of tech billionaire and in the new US administration will trigger a mega crypto bull rally, especially in the memecoin industry, led by Dogecoin and other dog-themed projects.
Toncoin Leads Other L1 Chains in Bleeding to Solana Network
Following the strategic launch of TRUMP and MELANIA meme coins on the Solana network, on-chain data shows more retail traders migrated to SOL-based DeFi projects en masse. The notable cash rotation to the Solana ecosystem follows the ongoing rise in cash inflows to its investment products of about $15 million, compared to Ethereum’s outflow of about $255 million last week.
Toncoin-based meme coins led by Notcoin and Dogs registered a notable drop in the past 24 hours following the notable growth of TRUMP and MELANIA. According to crypto analyst Ali Martinez, the NOT price has already dropped below its crucial support level following last week’s 7% drop.
Consequently, Martinez thinks that NOT price could drop further toward $0.0031 if the bulls do not regain the support level above $0.0057.
$TRUMP is draining liquidity from meme coins, causing many to tumble. #Notcoin $NOT, for instance, has broken a key support level and is now at risk of a drop to $0.0031. pic.twitter.com/DfdtIddGY0
— Ali (@ali_charts) January 19, 2025
is draining liquidity from meme coins, causing many to tumble. , for instance, has broken a key support level and is now at risk of a drop to $0.0031.
— Ali (@ali_charts)
Similarly, DOGS, with a fully diluted valuation of about $196 million and d 24-hour average trading volume of about $126 million, dropped over 10 percent in the last 24 hours to trade about $0.00034 at the time of this writing. From a technical analysis standpoint, DOGS price is now trapped in further free-fall amid the ongoing liquidity drain to Solana’s memes.
As of this writing, the Solana memes had a market cap of about $28 billion and a 24-hour average trading volume of about $49.6 billion.
Bigger Picture
The notable rise of Sol meme coins will kickstart the much anticipated 2025 altseason in the coming months. The crypto regulations by enforcement experienced during the Biden administration will no longer be felt in the next four years.
As a result, Telegram-backed Toncoin has to build the necessary infrastructure to enable mainstream adoption of its products. As of this writing, the Toncoin network had a total value of about $266 million and a stablecoins market cap of about $1.41 billion.
With the ever-crypto cash rotation, it is prudent to consider the TON-based meme coins for long-term bullish term prospects.
