Solana memecoins such as ANALOS, MELON and, SILLY, and BONK have captured the spotlight of late, recording meteoric records that have turned hundreds of USD to millions in short timeframes.
These rallies have come on the back of Solana’s (SOL) general uptrend since October. Currently trading for $114.70, Solana is up 436% from the $21.37 price it started October with. The token recently overtook XRP and BNB in market cap, currently ranking as the fourth largest asset.
Amid this sustained rally from Solana, its ecosystem has flourished. For instance, The Crypto Basic reported earlier this month that the Solana network saw the highest influx of capital to its TVL among other blockchains in a one-month timeframe.
In addition, memecoins on the network have leveraged the growing SOL price and ecosystem to engineer their unique rallies. These rallies have resulted in massive returns on investment (ROIs) for several traders. The Crypto Basic has reported some of these cases.
Solana Memecoins Record Rallies
One of the earliest and most significant cases involved BONK, a fast-growing memecoin on the Solana blockchain. The BONK craze gained more momentum with exchange listings and increased mainstream attention. BONK rallied 17,484% YTD, leading to impressive returns.
Amid the BONK hysteria, other memecoins surfaced. Silly Dragon (SILLY), a new meme token, also captured the spotlight, according to a Dec. 22 report from The Crypto Basic. A trader purchased 20.5 million SILLY with 0.7 SOL (worth $42 at the time). These tokens eventually soared to $1.55 million.
On the same day, The Crypto Basic called attention to a similar trade involving another Solana-based memecoin MELON. A trader procured 38.5 million MELON on Dec. 22 with 3 SOL valued at $242 at the time of the purchase. The worth of the 38.5 million MELON eventually soared to $250,000.
AnaloS (ANALOS), spelled “Solana” backwards, is another memecoin that emerged from the shadows. As The Crypto Basic disclosed yesterday, a trader turned $900 into $3.47 million within five days by purchasing 2.6 billion ANALOS tokens.
Surveillance firm Lookonchain also spotlighted another mind-blowing ANALOS trade today. The platform revealed that an unidentified trader spent 30 SOL ($2,220) to buy 16 billion ANALOS. The tokens eventually surged to a worth of $5.7 million in six days.
While these cases would appear enticing to average traders, they do not represent the actual reality. For instance, some of these traders have been alleged to be insiders or developers. Also, the memecoin market is highly volatile, and there is the likelihood of quick and absolute devaluation.