Solana meme coins like Book of Meme (BOME) and Cat in a dogs world (MEW) were some of the best-performing cryptocurrencies this week as they jumped by 57% and 50%, respectively.
Risk on sentiment
Other meme coins like Mog Coin, Brett, Dogecoin, and First Neiro on Ethereum (NEIRO) also surged this week.
These gains were driven by the ongoing risk-on sentiment in the financial market, which was driven by corporate earnings and China stimulus. There are also signs that recession fears are easing in the market.
As a result, the CNN Money Fear and Greed index has moved to the greed zone of 71, while the crypto index has jumped to the neutral point at 58.
American stocks have also surged to a record high, with the S&P 500 and Nasdaq 100 indices rising by over 23% this year.
Some leading firms like Goldman Sachs, Morgan Stanley, and Blackrock also published strong financial results.
Meanwhile, the odds of Donald Trump winning in the general election continued rising on Polymarket, Predictit, and Kalshi. Trump is seen as a better candidate for the cryptocurrency industry.
Therefore, the combination of all these factors has pushed investors to risky assets, including cryptocurrencies. Bitcoin soared to the key resistance point at $68,000 for the first time in weeks, while most altcoins continued their surge.
Solana meme coins surge
Book of Meme, Cat in a dogs world, and other Solana meme coins have surged, bringing the market cap of all these tokens to $11.3 billion.
Bonk, the OG of Solana meme tokens, jumped by 14% in the last seven days, while Michi, Ponke, Retardio, Mumu the Bull, and Myro surged by over 30%.
As a result, Solana’s DEX ecosystem was one of the best performers this week. Data by DeFi Llama shows that Solana DEX applications handled over $11.14 billion in crypto assets in the last seven days. Ethereum processed tokens worth $9 billion. The biggest DEX networks on Solana are platforms like Raydium, Orca, and Lifinity.
BOME and MEW also jumped as the number of their holders soared as traders embraced the Fear of Missing Out (FOMO). The number of BOME holders jumped to 86,170, much higher than 84,200 in the same period last month.
The same has happened with Cat in a dogs world, whose holders have risen to over 178k in the past few weeks.
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