Ethereum’s new best friend Solana flipped Binance Exchange’s BNB coin in March. Now that Bitcoin ETF inflows in May have made up April’s losses, crypto markets have been roaring back to life. Will Solana do it again?
Here are signals that Solana bulls are following:
1. Solana Meme Currency Market Is Insane!
Quoth a May 15th update from LookOnChain:
“Insane!
This trader turned 9 $SOL($1,470) into 1,238 $SOL($202K) in less than 5 minutes, a gain of 137x!😱
He spent 9 $SOL to buy 28.58M $TOBI, after that, the price of $TOBI skyrocketed.
He immediately sold all $TOBI for 1,238 $SOL! He made 1,229 $SOL($201K) in less than 5 minutes.”
Jerome Powell’s money printer doesn’t go brrrr, it goes: BONK!, BOME, WIF, and POPCAT. On the Ethereum network it also goes: SHIB, PEPE, FLOKI, and…
Well there hasn’t yet been a cat meme on Ethereum to match the success of Solana PopCat (it made altcoin traders more money than any other cryptocurrency from Jan – Mar). But a new ETH meme cat in presale this May– Kai Cat Coin (KAI) could be Ethereum’s lion.
Meanwhile, on a recent May 7d chart, GME– a meme coin of a Wall Street stock– gained 1,151%. It’s not a tokenized Gamestop share. Owning a company’s stock ticker was worth more on the Solana blockchain than owning the stock during its biggest rally in three years.
2. Name One Binance Native Meme Coin
Sure, Binance has Floki (FLOKI), but name one other Binance meme currency with that kind of success. Plus, Floki’s hefty capitalization also owes to its ERC20 integration for Ethereum users. Where is Binance’s meme power in an Internet economy powered by memes?
Normie investors might not think meme currency is serious, but as with every objection made against Bitcoin and cryptocurrencies, they are a pot calling the kettle black. They trade currency that has birds and Greek temples on it. Web3 likes dogs.
If Binance is serious about holding its place on the leaderboard, it may require some of the levity that meme magic can bring to a currency. It took Microsoft years to come up with Windows. It took Apple years to catch up to MSFT’s market cap.
Binance bulls can build a platform and a market. Can they build a meme?
3. BNB vs. Solana Price All Time High
The ATH is a powerful psychological force for markets.
The fundamentalist investor will say to ignore those kinds of technical indicators and mind the business’s prospects for future cash flows discounted to the present day.
If it is well above your price to own it today, let it pass. But if it’s at a value well below the market price, take a swing, maybe steal a base.
The technical trader, however, will tell you that most of that information is in the currency’s chart already, and will warn that all time high prices are powerful markers that beckon bulls with consolidating support on the way up and embolden bears with resistance as the price draws near.
Looking at BNB’s chart it has recaptured most of its market cap since its all time high in May 2021. Solana price has more left to gain by the time bulls retake its Nov. 2021 peak.
But investors looking for a currency that’s in presale and has nothing but potential upside ahead after listing on exchanges– may want to look no further than Kai Cat (KAI), a powerful Ethereum AI cat meme coin with a quarter million dollars in backing already at the tokens’ premarket price.
Check Out KAI Presale
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