The meme sector is once again producing gains for investors, with Solana meme coin Slothana (SLOTH) and PEPE among the hottest stories this week.
According to data from Dextools, the PEPE token hit a new all-time high today, nearly reaching $0.00001 after pumping over 20% in the last 24 hours. Meanwhile, the newly launched Slothana meme coin has seen a 600% price surge in just seven days since its presale.
Solana Meme Coin Slothana Nets Trader 250% Gains
One crypto trader managed to capitalize on Slothana’s rapid ascent, selling 1,500 SOL worth of SLOTH tokens for a 250% profit after buying during the presale. Transaction records show the trader initially purchased 424.5 SOL of SLOTH before consolidating their holdings and eventually offloading the tokens.
Slothana is currently trading around $0.05 with a market cap exceeding $100 million. The project has implemented an aggressive marketing campaign across crypto media outlets, influencers, and data platforms like CoinMarketCap. This exposure is likely fueling SLOTH’s popularity.
Additionally, Slothana has a token burn mechanism that could impact price dynamics. The team has already burned $1 million SLOTH at $0.04 and plans to burn another million tokens once the price hits $0.05. Token burns can theoretically increase scarcity and value for remaining circulating supply (currently 2 billion tokens).
🚀🦥 It's LAMBO TIME for the $SLOTH community! Let's take a look back at the past 7 days as $SLOTH presale buyers make 300% gains. 📈
💥 100m $SLOTH Tokens Burnt, totaling 5% of supply and $3m
🔒 Liquidity locked with Streamflow Finance
🔄 Organic listings on multiple… pic.twitter.com/1PyFCzzSSW— Slothana (@SlothanaCoin) May 13, 2024
Notably, the popular 99bitcoins YouTube channel with over 700,000 subscribers posted a bullish video on Slothana yesterday, touting it as a potential 100x Solana meme coin. The video also highlighted the importance of Slothana’s price-based token burns.
PEPE Price Prediction as Trading Volume Rivals Bitcoin and Ethereum
While Slothana is the new meme coin on the block, the established PEPE token is also making headlines across crypto media today by hitting a new all-time high price near $0.00001 today. The catalyst appears to be PEPE’s immense trading volume, which is currently the third highest across all crypto assets excluding stables.
According to Plazma, a crypto analyst with 15,000 followers, PEPE’s 24-hour trading volume of $2.4 billion is surpassed only by Bitcoin and Ethereum. A high trading volume can indicate significant interest and liquidity for an asset.
$PEPE is top 3 by volume(excluding stables) with 2.4B traded over 24 hours. Behind only $BTC and $ETH. pic.twitter.com/Vj2g4IgD0F
— Plazma (@Plazma0x) May 14, 2024
However, on PEPE’s chart, we can see that the relative strength index (RSI), a technical indicator tracking price momentum, is currently around 80. An RSI over 70 is considered overbought territory, suggesting PEPE may be due for a price correction or pullback in the near term.
The GameStop (GME) Meme Coin Craze Hits Solana
The Solana-based meme coin $GME aims to recreate the historic GameStop (GME) short squeeze of 2021, surging over 200% in just 24 hours. However, this meme coin lacks intrinsic value and is considered a highly speculative and risky investment.
In 2021, the original GameStop stock became a meme phenomenon, driven by collective retail investor action and social media influence that challenged traditional market dynamics. Despite its meteoric rise, GameStop’s stock has since declined significantly as the company faces challenges in transitioning its business model.
JUST IN: GameStop $GME and AMC closed up 74% and 78% today.
GameStop's stock was halted 9 times. pic.twitter.com/vFEHHv8ABx
— Watcher.Guru (@WatcherGuru) May 13, 2024
Recent spikes in GameStop’s trading volume suggest a potential shift towards more fundamental-driven investment, aligning more with its core video game retail value rather than speculative meme stock behavior.
Conclusion
As the Solana meme coin frenzy continues with projects like Slothana hitting new milestones, crypto traders and enthusiasts will be watching these assets closely. Meanwhile, PEPE is an Ethereum-based meme coin, also hitting new highs.
It remains to be seen of course whether meme coin mania will continue in the upcoming weeks, but what we see so far looks promising.
