Solana’s Meme Economy Booms Amid $1 Billion Investment Wave

Solana’s Meme Economy Booms Amid $1 Billion Investment Wave

In April, several investment companies have secured funds for Solana. Upexi announced it is raising $100 million for Solana’s treasury. Galaxy Digital and SOL Strategies have also secured funds for the same.

With partnerships like Helium’s collaboration with AT&T to build wireless networks on Solana, these institutional investments are providing long-term stability and growth potential. The combined $1 billion infusion will greatly enhance Solana’s capabilities, supporting the next generation of decentralized apps and use cases. The broader takeaway is clear—Solana is gaining massive attention due to its token performance and the growth of its ecosystem.

This is also the reason why Solana’s top memecoins such as Trump, Bonk, Pengu, Ai16z, Fartcoin, and Popcat have seen double-digit jumps recently. Among all of these, Pengu, the token linked to Pudgy Penguins, delivered the most impressive performance.

Pengu token is up over 135% in just one week, jumping from the 11th to the 8th rank among the top memecoins. Its market cap has nearly doubled from $390 million last week to over $760 million now.

Meanwhile, the Pudgy Penguins NFT team has partnered with the decentralized autonomous organization Boring Security to offer free security awareness classes for Web3 users. This security DAO also monitors scam and hacking trends in the Web3 sector.

You might be surprised to know that the market cap of Solana-based memecoins has now reached $10.6 billion, accounting for about 18% of the total memecoin market.

Aside from Pengu:

• Bonk is up 51% over 7 days, with a current market cap of $1.56 billion.
• The 6th largest memecoin, Fartcoin, is up 7% this week, trading at $1.13 with a market cap of $1.13 billion. Over the last 30 days, it has surged 172%.
• Trump Coin is up 61% over the week, currently trading at $13.68, with a market cap of $2.73 billion.

However, controversy is also brewing. Georgia Senator Jon Ossoff, a Democrat, has called for Trump’s impeachment, describing the upcoming Trump-themed memecoin dinner as an “impeachable offense.” He argues that Trump should not sell presidential access for personal gain. The dinner, scheduled for May 22 at Trump’s Washington, D.C.-area golf club, has reignited debates around ethics, cryptocurrency, and political accountability.

On another front, the Melania memecoin is showing signs of stress. The team behind the official Melania meme coin sold $1.5 million worth of tokens in the past three days. This indicates a programmatic selling strategy, which could put downward pressure on the token.

Crypto intelligence platform Lookonchain noted that this appears to be a dollar-cost averaging (DCA) strategy, where a fixed amount of an asset is bought or sold at regular intervals. Lookonchain flagged this activity in a post on April 28.

Separately from Solana memecoins, Doge is also up around 7% over the week, as 21Shares has filed an application with Nasdaq for a DOGE spot ETF.

As investor sentiment shifts from fear to greed, buyers are pouring back into the market. With momentum building, now could be a promising time to explore top memecoins poised for even bigger moves. However, as always, memecoins are highly volatile and risky assets, so it’s crucial to do your own research and consult your financial advisor before making any investment decisions.

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