In the vibrant cryptocurrency market, the Solana-based meme coin Silly Dragon (SILLY) has outperformed its peers with a staggering 42% gain in the week leading up to the Chinese New Year on February 10. This rise in SILLY’s value marks the latest in a series of meme coin rallies, with Bonk (BONK) initially setting the trend in December 2023.
The increase in SILLY’s price reflects the broader trend of meme coin gains within the Solana ecosystem, particularly as the Chinese New Year, heralding the “Year of the Dragon,” approaches. SILLY achieved a remarkable 43.95% growth over the past week, outshining other meme coins like Dogwifhat’s (WIF) and Memecoin (MEME), as well as BONK.
Despite these meme coin rallies, Solana’s (SOL) own price hasn’t mirrored this upward trend. In the past week, SOL experienced a nearly 2% drop, while SILLY and WIF surged by 42% and 150%, respectively. This divergence in performance is evident in the recent liquidation of $3.2 million in SOL long positions, according to Coinalyze data.
Solana’s recovery from its association with the bankrupt FTX exchange and Samuel Bankman-Fried has been noteworthy. Its transformation from a “Sam” coin to a robust host of a meme coin ecosystem is partly attributed to several factors, including the ongoing altcoin season, the market’s optimism following Bitcoin ETF approval, and increased activity on the Solana chain. Notably, BONK’s airdrop to Solana phone users and its price rally in December were major catalysts for the ecosystem’s meme coin gains.
Recently, SILLY was listed on the HTX exchange, ranking among the top gainers post-listing. It has generated $4 million (approximately R75.88 million) in open interest in the last 24 hours, marking a 40.15% increase in the same timeframe. This bullish sentiment in SILLY is mirrored in derivatives markets, where long positions dominate shorts.
As the Chinese New Year draws near, the focus shifts to other ‘China coins’ like Conflux (CFX), NEO, Alchemy Pay (ACH), Filecoin (FIL), VeChain (VET), and Quant (QNT). Crypto expert @Mangyek0 suggests that these coins, along with gaming and cartel coins, could experience similar rallies to Solana-based meme coins before February 10. This sentiment aligns with the belief that crypto price discovery often starts in the East, suggesting potential volatility and price movements in the Solana ecosystem tokens like SILLY, BONK, WIF, and others in the upcoming weeks.
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