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News making rounds have shown that some FTX SOL holdings might enter the market soon. The liquidated tokens, valued at nearly $2 billion, are said to hit the market, and they received interest from several investors, including venture capitalists.
However, the SOL sales might not immediately impact the overall price action of SOL as it has a 4-year vesting schedule and is still locked up. Despite the news of the asset sales, Some of the top trending cryptocurrencies on the Solana chain are posting double-digit gains, and there are indications of prospective positive price movement ahead of the coins.
Top Trending Cryptos on Solana Chain
Additionally, degen investors are anticipating the next meme coin seasons as the prices of meme coins have dropped across the market. Nevertheless, Sponge V2 continues to make headway. The details of Sponge V2’s performance are included in today’s update on the top trending cryptos on the Solana chain.
1. Dawkoins (DAW)
Dawkoins (DAW) has experienced a significant surge in its price over the last 24 hours. Currently priced at $0.001220, Dawkoins has seen a trading volume of $316,815 in the same period.
This surge follows a volatility pattern for Dawkoins, which hit its all-time high of $0.003825 on Apr 1, 2024, and its all-time low of $0.000685 on Apr 5, 2024. Notably, the cycle low stands at $0.000685, while the cycle high reached $0.001582.
The cryptocurrency market sentiment, as indicated by the Fear & Greed Index, is currently at 75, reflecting a sentiment of greed among investors. Also, Dawkins holds its ground in the market, ranked #394 in the Meme Coins sector and #7 in the Solana Coins & Tokens sector.
Dawkoins’ rise to prominence is rooted in its unique narrative. Created to honor Richard Dawkins, the renowned biologist and author credited with conceptualizing the idea of “memes” in his seminal work, “The Selfish Gene,” Dawkoins quickly garnered attention within the meme coin community.
Moreover, Dawkins himself expressed intrigue at the creation of Dawkoins, acknowledging the token’s homage to his contributions. The token gained further traction after receiving a shout-out from Elon Musk, popularly known as the Dogefather.
🚀 The market knows the “Father of Meme” @RichardDawkins will have legacy on blockchain. @YahooFinance https://t.co/igTpIXoyNv
— Dawkoins On Sol (@DawkoinsOnSol) April 5, 2024
DAW tokens are primarily traded on decentralized exchanges, with Raydium emerging as a popular choice. The DAW/SOL trading pair on Raydium witnessed a trading volume of $152,634 in the past 24 hours, indicating active investor participation.
2. SkyHause (SKYH)
Sky Hause, driven by the belief in democratizing access to premium real estate investment, leverages the capabilities of the Solana blockchain. It aims to make fractionalized property ownership accessible to all, not just the traditionally wealthy or institutions.
At the heart of Sky Hause is the SKYH token, which serves dual purposes as a governance tool and an investment gateway. Holders of SKYH tokens have the privilege to actively participate in shaping the platform’s future by voting on proposals and making critical decisions.
Moreover, SKYH tokens are a prerequisite for investing in properties within the Sky Hause portfolio, offering exclusive investment opportunities to token holders. In terms of performance, Sky Hause’s price stands at $0.000876, with a 24-hour trading volume of $6,143.16 and a market cap of $267,254. Despite its relatively low market dominance of 0.00%, the SKYH token has witnessed a significant surge of 33.37% in the last 24 hours.
The token reached its peak price of $0.000893 on Apr 6, 2024, marking its all-time high, while its lowest price of $0.000650 was recorded on Apr 4, 2024, representing its all-time low. Furthermore, the cycle low of $0.000852 and cycle high of $0.000876 indicate fluctuations within its price range.
With a circulating supply of 304.95 million SKYH tokens out of a maximum supply of 500 million SKYH, Sky Hause currently holds the #7 rank in the Solana Coins & Tokens sector based on market capitalization.
3. Lyte Finance (LYTE)
Lyte Finance, built on the native $LYTE token, is a DeFi protocol that aims to provide a treasury-backed ecosystem for user empowerment and long-term sustainability. The protocol aims to establish a decentralized treasury and create value for holders within the Solana network.
With a comprehensive protocol offering dynamic staking, a referral system, and a strategic treasury, Lyte Finance provides users with a seamless and rewarding experience. The staking mechanism operates on 6-hour epochs, allowing users to stake LYTE tokens, claim rewards, compound earnings, or unstack with a 2.5% fee applied to ensure sustainability.
The referral system incentivizes user engagement and community growth by enabling users to stake LYTE tokens, generate unique referral codes, and earn 5% of their referees’ earnings. Staking LYTE tokens unlocks this feature, enhancing the protocol’s functionality and promoting Lyte Finance within the community.
As for its current performance, Lyte Finance (LYTE) is priced at $48.96 with a 24-hour trading volume of $66,014.99, marking a significant 73.60% price increase within the last 24 hours. However, the circulating supply data is not available today.
Staking APR has been increased!
30% of the supply is already stake, take advantage of it! pic.twitter.com/svjQLAGqpu
— Lyte Finance (@LyteFinanceSOL) April 3, 2024
Despite a 0.00% price change over the past seven days, Lyte Finance has shown resilience compared to the global cryptocurrency market, which experienced a downturn of -3.60%. However, it lags behind similar Solana Ecosystem cryptocurrencies, which have seen a 16.20% increase.
LYTE tokens are tradable on decentralized exchanges, with Raydium being the most popular platform. The LYTE/SOL trading pair on Raydium has witnessed a trading volume of $66,032.80 in the last 24 hours, indicating a recent surge in market activity, with a notable 97.70% increase from the previous day.
What Might Be The Next Top Trending Crypto
Sponge V2 has surpassed the outstanding performance of V1 by all metrics. It had a trading volume of over $250 million at its ATH value, which is twice the market cap of V1. SPON\GE’s upbeat performance is not over, as the platform recently unveiled the plans to launch the play-to-earn gaming invite. The goal is to create more demand for the SPONGE token to mop up the supply.
🧽 ⚠️ BEWARE ⚠️ 🧽
DAMP ABSORPTION IN PROGRESS$SPONGE #SpongeV2 #AltCoins pic.twitter.com/iw9XT0Ob7m
— $SPONGE (@spongeoneth) April 6, 2024
As the community anticipates the arrival of its P2E gaming infinitive, the chance to buy presents itself as the price of the SPONGE token recently kicked into a retrace. Consequently, investors can fill their bags before the next meme coin season.
In the recent memecoin pump, SPONGE posted over 100% gains, which put it in the top gainers list. As the market heads towards another meme coin rally, SPONGE has a high chance of becoming one of the top trending assets in the market. Its chance even increases if the launch of the P2E game coincides with the rally.
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