Home This New Solana Meme Coin Pumped 495% – Here’s Why It Can Mirror BONK Success

This New Solana Meme Coin Pumped 495% – Here’s Why It Can Mirror BONK Success

Solana meme coins have been a hot story during this bull run, and the most recent sensation is Slothana (SLOTH). This meme coin quickly reached over $80 million in market capitalization, leading some to believe it could mirror the success of BONK, another popular Solana-based meme coin.

Let’s explore why Slothana price has pumped so dramatically and whether it truly has the potential to replicate BONK’s achievements.

New Solana Meme Coin: Slothana Price Prediction

Following a successful $15 million presale, Slothana (SLOTH) launched on exchanges and, according to data from Dextools, its price surged 495% in the last seven days. This meteoric rise can be attributed to several key factors.

Firstly, Slothana has cultivated a very active and engaged community. Its X profile, for instance, has already amassed 35,000 organic followers in a very short period. Additionally, the team has demonstrated a commitment to token burns, recently announcing that 5% of SLOTH tokens (worth $3 million) had been burned, with plans for another $1 million burn once the price reaches $0.04.

Since SLOTH price is currently around $0.4, we should expect more token burns, as Slothana’s team announced on X.

Moreover, Slothana’s developers have also executed a well-coordinated marketing campaign, advertising the coin on major crypto media outlets such as CryptoPotato, 99Bitcoins, and CaptainAltcoin. This increased exposure has undoubtedly contributed to Slothana’s rapid ascent.

Furthermore, the project’s recent listings on prominent exchanges like X.com and Poloniex have provided crucial liquidity and accessibility, enabling more investors to participate in the Slothana craze.

While Slothana’s current Relative Strength Index (RSI) of 81 on the daily chart suggests an overbought condition, implying a potential correction, some analysts remain optimistic about the coin’s long-term prospects.

YouTube channel Cryptonews, boasting nearly 10,000 subscribers, posted a positive Slothana price prediction, suggesting that the coin’s market capitalization, currently sitting at $80 million, could realistically swell to several hundred million dollars. They forecasted a potential price target of $0.20 for SLOTH, representing a tenfold increase from current levels.

BONK price sluggish

In contrast to Slothana’s recent surge, BONK, the earlier Solana meme coin sensation, has experienced sluggish performance lately. At press time, BONK is trading around $0.000023, down 14% over the past week.

The primary challenge for BONK is its substantial market capitalization of approximately $1.5 billion, making it increasingly difficult for the coin to achieve multiple-fold gains from its current valuation. While BONK ignited the meme coin mania in late 2023 and Q1 2024, Slothana’s recent momentum and relatively smaller market cap could make it a more attractive prospect for investors seeking big upside potential.

Conclusion

Slothana’s remarkable price surge and successful marketing efforts have undoubtedly captured the attention of Solana meme coin investors. While the coin’s short-term prospects remain uncertain due to its overbought condition, some analysts believe it has the potential to get to $0.2 which represents 5x from the current levels.

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Petar Jovanović brings years of experience in the crypto industry to ReadWrite. With a strong belief in the potential of the web3 market since 2017, he's passionate about sharing valuable insights and knowledge. Based in Serbia, Petar graduated in Economics at the University of Niš, and went on to become the Head of Content at Captain Altcoin, an online magazine covering all things blockchain. His work has also been published on BeInCrypto and German site Kryptozeitung. Feel free to connect with Petar to discuss the exciting world of cryptocurrencies and decentralized technologies.

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