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Simon Chandler
Author
Simon Chandler
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The SOL price has hit a new all-time high within the past 24 hours, reaching $262.93 after controversial influencer Andrew Tate posted that he had loaded a crypto wallet with 10,000 SOL and was preparing to trade meme coins.
Despite falling by 2% since its peak today, Solana remains up by 7% in 24 hours, 21% in a week and by 56% in the last 30 days.
Given that SOL has broken through the then-record high it set in November 2021, its movements today could clear the way for an even bigger breakout in the coming months.
And because Solana will be performing strongly, it’s likely that its performance could feed into the price action for meme tokens running on its blockchain, inaugurating a meme coin season.
Solana Meme Coins To Explode As SOL Price Reaches New ATH, Andrew Tate Loads His Wallets
Posting on X yesterday, former kickboxer Andrew Tate announced that he would invest 10,000 SOL in various meme coins in the event that his tweet (below) received 10,000 reposts.
Well, the post did receive more than 10,000 retweets, so Tate dutifully went about charting some of his experiences buying Solana-based meme coins.
It’s not clear whether Tate made any profit from his trading activities, but his actions do seem to have had a positive effect on the SOL price, which rallied to a new ATH following his initial post.
And despite dipping a little from its record high, it remains up in the past day and continues to show some very strong momentum.
Its relative strength index (purple) remains at 60 after dipping from 70 a few hours ago, with buying pressure remaining high.
We also see the coin’s 30-period average (orange) rising aggressively beyond the 200-period average (blue), another sign that Solana remains in a bull cycle.
Its trading volume is also very high at $14.6 billion, which represents a 300% increase in a month.
It also indicates very high demand for SOL, which looks like it will take its momentum from this year into 2025.
This will, to a large extent, be because of Solana’s enduring status as the network for meme tokens, with its daily transaction count rising to over 54 million in the past few days (while Ethereum’s stands at just over 1 million).
Based on all this, the SOL price is likely to continue setting new records in the coming weeks, with the coin potentially passing $300 by the end of the month.
New Meme Tokens Outperform the Market
And it’s also likely that Solana’s performance will feed into bullishness for meme tokens, which can outperform their parent networks.
One of the most exciting new meme coins right now is Catslap (SLAP), an Ethereum-based token that has launched directly to DEXes.
It listed on Uniswap yesterday, and is up by a very impressive 1,554% in the past 24 hours, according to DEXTools.
Also impressive is its 24-hour trading volume, which at just over $7 million is very high for a brand-new meme coin.
What’s interesting about Catslap is that it’s not your run-of-the-mill meme coin, in that it comes with its own mini-game.
This game can be found on Catslap’s official website, which invites users to click (or tap) the screen in order to animate a cat-slap gif.
This is an extremely simple mechanic, but what the game does is log clicks by nation.
In other words, players are invited to make sure that their nation comes on top of the game’s leaderboard, with Japan currently leading the pack.
This game is also married to a viral online presence, with Catslap’s X account already boasting over 1,500 followers, barely a day after opening.
As a token, Catslap comes with a max supply of 9 billion SLAP, with 50% of this going to liquidity, 20% to staking rewards, 10% to community rewards, 10% to development, and 10% to its team (with this latter 10% vested for ten years).
It’s aiming to reach a market cap of $100 million by the third phase of its roadmap, and with its cap already above $7 million after one day, this is more than achievable.
Investors can buy it either via Uniswap or directly via the Catslap website, where 1 SLAP is $0.00212025.
