The meme coin rally hangs on the shoulders of a select few projects which continue to gather pace despite a broader market selloff. Currently, Gorilla is up 35%, and Dogwifhat is up 3.6%.
Meanwhile, trending presale meme coin Slothana could be next to explode as it raises over $1 million in the last 24 hours.
The crypto market has struggled since the beginning of April, with Bitcoin leading the bearish activity, recently tapping lows of $64.7K.
Meme coins were devastated by the selloff, with leaders like Dogecoin and Shiba Inu seeing double-digit retracements yesterday. Yet, bullish sentiment is creeping back in as Gorilla and Dogwifhat see notable gains.
Currently, Gorilla is trading at $0.006758, up 35% today, 4% this week, and 12% this month.
Indeed, its longer-term downtrend negates the positive effect of its recent uptick. That said, an announcement from the Gorilla team could mark the beginning of a trend reversal.
“We’ve decided to bridge over to Solana and adjust our launchpad plans accordingly. This move means we’re embracing a multichain approach,” they explained on X on Tuesday.
The Solana network has become a hotbed for meme coins in recent months, with Bonk and Dogwifhat laying the way, and new innovators like Book of Meme, Slerf and cat in a dogs world following in their tracks.
Dogwifhat has established itself as the network’s leading meme coin and even garnered Bloomberg’s recognition in the process.
The outlet covered WIF last week, noting that WIF and other meme coins proceed to “steal the spotlight from Bitcoin.”
Then, it highlighted how concerns regarding U.S. monetary policy negatively impacted its price yesterday.
This helps legitimize WIF and establishes it as an industry leader alongside Dogecoin and Shiba Inu.
As such, its price has held well amid the recent market turbulence. It is trading at $4.02, up 3.3% today, 24% this week, and 141% this month.
But with Solana meme coins displaying dominance over the market, the new ICO Slothana looks primed for explosive growth. The project launched last week and has already raised a staggering $6.7 million.
Amid the high-octane meme coin enigma, a new phenomenon rose in the form of presales.
Book of Meme led the way, raising $2 million before exploding to a $1 billion market cap after launching on exchanges.
Indeed, its swift Binance listing bolstered its early success. However, the new presale meme coin Slothana looks to follow a similar trajectory, having raised almost $7 million as traders eye a potential centralized exchange launch.
The lazy sloth-themed meme coin launched a poll on Sunday, asking followers, “Should we embrace the true spirit of decentralization and lazy trading? Or should we go full throttle, hitting up both CEX and DEX like the overachieving sloths we could be?”
A whopping 77.1% of the 5,777 votes chose in favour of launching on centralized exchanges, indicating Slothana could be gearing to go mainstream.
Adding to the excitement, rumours are circulating that the Smog team launched $SLOTH. The speculation comes as a response to Slothana’s unprecedented presale success. However, it is bolstered by Smog commenting on Slothana’s first-ever X post.
Smog launched in February and soared to over a $200 million market cap, netting early buyers a 100X ROI. As such, this would be immensely bullish for Slothana.
However, with no predetermined presale hard cap, those looking to buy the Slothana ICO must act fast or risk missing out.
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