In December 2023, the Solana-based Bonk (BONK) initiated a surge in meme coin prices. As the Chinese New Year approaches on February 10, Silly Dragon (SILLY Solana Meme Coin) has outperformed other meme coins, providing a 42% weekly increase for holders.
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Solana Meme Coin SILLY surges 40%
Recent developments over the past four weeks have sparked a new era of meme coin price rallies. Notably, Dogwifhat’s (WIF), Memecoin (MEME), and BONK experienced price spikes, with SILLY leading the gains on Thursday.
SILLY’s rise in popularity is tied to the momentum of Solana ecosystem meme coin rallies and the anticipation of the upcoming Chinese New Year, themed as the “Year of the Dragon.” SILLY’s price has surged by 43.95% in the past week.
Solana Ecosystem Memecoins
While meme coins in the Solana ecosystem are experiencing gains, SOL’s price has seen a 2% drop in the past week. SILLY and WIF, however, recorded gains of 42% and 150%, respectively. Interestingly, these gains coincide with a liquidation of $3.2 million in long positions in SOL in the last 24 hours, according to Coinalyze data.
Despite earlier criticism due to its association with the bankrupt FTX exchange’s Samuel Bankman-Fried, Solana has made a significant comeback. Transitioning from the “Sam” coin to a thriving meme coin ecosystem, SOL’s resurgence can be attributed to various factors, including the ongoing altcoin season.
General market optimism following the approval of the Bitcoin ETF by the Securities and Exchange Commission, and increased activity on the Solana chain.
Key catalysts for the ecosystem’s meme coins include BONK’s airdrop to Solana phone users and the token’s substantial price rally in December, reaching a peak of $0.0000349.
SILLY Listings
SILLY has recently been listed on the HTX exchange, ranking among the top gainers post-listing. The coin has generated $4 million in open interest in the past 24 hours, reflecting a 40.15% increase in the same timeframe. Derivatives traders show bullish sentiment towards SILLY, with long positions dominating shorts on derivatives exchanges.
Chinese New Year and Price rallies
In the lead-up to the Chinese New Year, there is anticipation that China coins such as;
- Conflux (CFX)
- NEO
- Alchemy Pay (ACH)
- Filecoin (FIL)
- VeChain (VET)
- Quant (QNT)
could experience price rallies. A crypto expert on X (formerly Twitter), @Mangyek0, has identified top gaming and cartel coins that may exhibit similar price action to Solana-based meme coins leading up to February 10.
Given the belief that crypto price discovery begins in the East, the volatility in crypto prices over the next four weeks could trigger rallies or price corrections in Solana ecosystem tokens like SILLY, BONK, WIF, and gaming/cartel coins.
Conclusion
To conclude, As the Chinese New Year approaches, SILLY Solana meme coin, has surged 40%, leading to a new era of meme coin price rallies within the Solana ecosystem. Anticipation builds for potential price movements in other coins and tokens, emphasizing the impact of cultural events on crypto markets.
Note: It’s a research based article not a financial advice.
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