Solana meme coins are seeing notable gains this week, and Dogwithat is leading the way, up a staggering 368%.
However, other meme coins are snapping at its heels, also chasing parabolic gains. Our top three picks for meme coins that could 100x next are Sponge V2, Meme Kombat, and Myro.
SOL Liquidity Rotates to WIF as Traders Eye Leveraged Plays
Following the rise of layer 1 coins like Solana, Cardano, and Avalanche in Q4 2023, trend-savvy traders are eyeing related ecosystem tokens as “leveraged plays” on the L1-native asset.
The premise behind the emerging phenomenon is that these tokens have lower market caps, so they will likely increase faster should the L1 coin continue to climb.
Over the past week, Dogwifhat has grown from a $79 million market cap to a $360 million today. This represents almost $300 million in marketcap inflows, while Solana’s has grown by just $700 million despite its total market cap being over 100x greater than WIFs.
The momentum has generated tremendous excitement, with analysts notably bullish on where Dogwifhat could be headed.
One of those is Reetika, who speculates that Dogwifhat will continue to outperform Solana’s leading meme coin, Bonk.
He explains the possibility of Binance and Coinbase listings and that investors who missed Bonk “don’t want to miss another such run.”
The analyst also noted that WIF will enter “price discovery” if it breaks the $0.3 level. Currently, it is trading at $0.37, having recently created a new all-time high.
Price discovery is when the price is determined by supply and demand. It occurs when there is no existing market structure with set support and resistance levels, enabling the price to move faster.
Meanwhile, trader Mr Pumpkin speculates WIF could climb to $0.5 “within the next 48 hours.” Like Reetika, Mr Pumpkin noted that WIF faces resistance at $0.3 but expects a strong uptick following a breakout.
But after such an impressive uptrend, traders must also remain aware of a potential pullback. The reason is that early investors will seek to lock in profits and rotate liquidity into other high-potential meme coins, causing the price of WIF to retrace.
With that in mind, here are the three projects poised with the most potential to explode next.
Sponge V2 is a compelling new meme coin with a significant advantage over most other new projects. The advantage is a proven track record and prevalent community. Initially, the team launched Sponge in May 2023, and the project saw immense success, gaining a $100 million market cap and netting early investors 100x gains.
It also garnered 30K social media followers in its first few days and amassed 13K token holders.
However, with the meme coin market picking up again, the Sponge team has relaunched as Sponge V2, aiming to absorb the new liquidity and provide the community with a second 100x moon shot.
Sponge V2 differentiates itself from the original by offering a Play-to-Earn racing game, allowing holders to earn free crypto while improving its supply and demand dynamics.
Given its meteoric success last time, plus new utility, prominent analysts like Michael Wrubel are notably bullish that this token will explode again.
Wrubel covered the original Sponge before it 100x’d eight months ago, with the video amassing 16K views. However, his recent video on Sponge V2 is already at 20K views after three weeks, indicating even greater interest in the latest rendition.
Sponge V2 has yet to launch on exchanges, but traders can buy it from the Sponge.vip website in its prelaunch “buy and stake” campaign.
Another early-stage meme coin project with tremendous potential is Meme Kombat. It is currently undergoing a presale, having raised over $6.8 million so far.
Meme Kombat is a GambleFi utility token boasting an augmented battle arena where users can gamble on AI-generated battles between meme coin characters.
Users can watch the fights up close, providing an exhilarating and gamified gambling experience.
The project taps into several narratives, providing notable potential for it to explode. For instance, it features an exciting meme coin allure and significant community rewards. This could help it quickly increase popularity and dominance on social media.
However, its incorporation of crypto gambling provides a steady and predictable demand stream that encourages long-term growth.
Furthermore, it boasts a staking mechanism, currently offering a 137% APY. This will also increase demand while reducing the token’s sell pressure.
Another advantage to Meme Kombat is that its team is doxxed, with its founder’s information linked on its website. This adds a feeling of legitimacy to Meme Kombat, reducing the risk of a rug pull and illustrating the team’s long-term vision.
However, with the Meme Kombat presale quickly gathering momentum, those looking to buy should act fast to avoid missing out.
Myro is another Solana-based meme coin poising fierce competition to Dogwifhat. The project was originally the runner-up meme coin on Solana after Bonk but was overtaken by Dogwifhat in December.
However, Myro shows he still has lots of bark left, surging by 71% this week and 372% this month. That said, it is down approximately 20% from its Saturday ATH, potentially providing a solid entry point before an uptrend continuation.
Myro holds a $127 million market cap and a $45 million trading volume. Despite being just the 304th largest crypto by market cap, its trading volume puts it as the 110th largest, indicating significant interest and potential for an uptrend continuation.
With a market cap over 50% smaller than WIFs and over 8,800% smaller than Dogecoin’s, there remains tremendous room for Myro to grow, particularly given the upcoming bull market.
One of the reasons Myro could be the next coin to 100x is its impressive utility. The team has already launched a trading bot, enabling users to quickly snipe new projects on the Solana blockchain.
The Myro website also mentions future utilities like staking and other features that serve the community’s needs.