A new cryptocurrency with a canine theme, dubbed Dogecoin, has experienced a remarkable surge in value on the Solana network, spiking by a staggering 9,400% within a single day.
As per data from dextools, the total market capitalization of this Dogecoin doppelganger stands at $160,690, with liquidity reaching $24,600 and a 24-hour trading volume of $5.15 million. At the time of reporting, its trading price hovered around $0.00015. It’s important to note that this Dogecoin on the SOL blockchain is distinct from the original Dogecoin (DOGE/USD).
Meme coins, characterized by their propensity for dramatic price fluctuations, often experience rapid rises and falls during their brief moments of popularity. This particular meme coin’s surge coincides with a broader trend of viral tokens on the Solana network, some of which have seen increases of up to 80%.
The recent buzz surrounding Solana has been further fueled by Solana Mobile’s announcement of the upcoming “Two” phone, slated for release in 2025 with an anticipated retail price of $450. Speculation is rife that purchasers of this phone may receive special airdrops and access to applications built on the Solana network, reminiscent of the $650 airdrop offered to Saga phone owners last year.
Solana’s remarkable surge of 71.9% in December has earned it the moniker of a major “Ethereum killer” in this cycle. This surge has spurred a flurry of activity within the Solana ecosystem, including the listing of meme token Bonk on major exchanges like Binance and Coinbase, positioning it as a competitor to Dogecoin and Shiba Inu.
While the newly minted Dogecoin on Solana has shown considerable market activity, potential investors should exercise caution, as the coin’s liquidity is relatively low at $24,600. Low liquidity indicates fewer participants in the market, potentially leading to increased price volatility and posing challenges for those seeking to enter or exit positions.
