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Solana’s recovery in the last 24 hours has been quite remarkable. After about 18% drop in price, SOL has returned to an uptrend today, having regained over 10% of its lost price. The performance of the top trending tokens on the Solana chain primarily fuels the ongoing trend.
Market data shows that some assets in the Solana ecosystems recorded double-digit gains in the last 24 hours. Phauntem, Barron, Solama, and other cryptos’ progress has caught investors’ attention today with their impressive uptrend. Hence, the details of their performance are captured in this post.
Top Trending Cryptos on Solana Chain
In addition, newer tokens on the chains are also witnessing spillover in fund inflow. The newly debuted memecoin, Smog, posted double-digit gains today. Moreover, its much-anticipated airdrop is also fueling increasing attention to the token. The details of its performance and some other things investors should know about the trend on the Solana chain are covered below.
1. Phauntem (PHAUNT)
After a surprising price pump, Phauntem enlisted among the top trending tokens on Solana today. The token’s price increased by over 262% today with a trading volume pump of similar magnitude. The price changes have brought attention to the token, indicating that it might record further price increases in the coming days.
Moreover, the number of PHAUNT holders has increased dramatically, reaching over 1600. It has a market cap of $1.64M, computed from its 9.9 million PHAUNT total supply, and regarding liquidity, the PHAUNT performed moderately well for its holder size. At the time of writing, it has a liquidity value of $107k.
Given its recent performance, it is best to look at the future trends of the token based on its current data. It’ll help clarify if the token would keep its track record as one of the top trending cryptos on Solana today or if it’s just a flash in the pan.
Not a bad idea at all.#Phauntem for teh tech https://t.co/rrnuskGyb4
— PHAUNTEM SOL (@phaunteum69) March 5, 2024
PHAUNT has enough room to grow its value, given the current memecoin season. However, over 20% of the circulating supply is held by the top 10 wallets, which might influence the token’s price in the long run. As the price increases, this wallet might move to sell its holdings, sending the price spiraling down.
It is in the holders’ best interest to watch the wallets holding a sizeable amount of the token before making significant decisions with the Phauntem token. Otherwise, their intense volatility may cause the price to fluctuate widely between highs and lows.
2. Solama (SOLAMA)
Solama is currently marking its territory in the memecoin sector. At press time, the coin had over 6000 holders and ranked as one of the top trending coins on Solana today. With the community’s gaze set on achieving a $1 price, there’s been a 93% pump in the token’s price in the last 24 hours. Surprisingly, the price is trending against the overall decline in the crypto market.
Despite being a new crypto token, SOLAMA has achieved a market cap of about $8.5 million with a total supply of 676.58 million tokens. The growing price may significantly influence the asset’s market cap in the coming days, increasing in value.
On the other hand, the declining interest in memecoins recorded between yesterday and today might cause upcoming projects like Solama to record significant churn. Pressure from migrating holders can send the price downwards. Thus, we likely won’t see SOLAMA on the top trending list if the sector’s sell-off continues.
WE KEEP PUSHIN’ 🔥
We just crossed a New record of over 5,000 $SOLAMA HOLDERS
REALIZE WHAT THAT MEANS? 👀 👀 👀
This is just the beginning for $SOLAMA 🦙🦙🦙🦙
💯Charts; https://t.co/mwDZALFXxr…@SolamaSPL $SOLAMA #SOLAMA #RideTheLama #SOLAMA_ARMY
TG:… pic.twitter.com/YvhstiS4Gm
— SOLAMA | Solana Chain 🦙 (@SolamaSPL) March 3, 2024
Conversely, the project also integrates some initiatives to ensure that Solama keeps its value in the long run. The community and token holders can access play-to-earn games where SOLAMA services are used as the transaction medium and are equally issued to users as a reward. Moreover, the project sports a Solama store where participants can purchase branded items. It may also boost the token’s demand and increase the platform’s revenue.
Ultimately, the team behind the project can guide it to success. However, it’s still in its infancy, as the market data reveals, and investors must conduct detailed research before deciding.
3. Barron Trump (BARRON)
With Coingekco’s new Politifi crypto category, we’ll likely see more memecoins leveraging the category to capitalize on the growing interest in politics. Barron Trump, for example, is a recently launched meme crypto on the Solana chain. The project aims to create a community built around the philosophy of freedom and prosperity. Like the Trump enigma, their community comprises vibrant, non-conformist, and degen investors.
At the time of writing, the price of BARRON was up by nearly 21% as it cleared its way to the list of top trending cryptos on Solana. It also saw a significant increase in its trading volume. Its price has increased progressively since its launch, and the team claims work is ongoing to ensure the token gains more visibility.
Since its launch, the community has completed over 1100 transactions, and the number of holders has experienced a complementary increase. Based on its current market value, it has amassed about $1.1 million in market cap.
Will BARRON hold its trending status for the coming weeks or the rest of the quarter? Given its current market performance and the initiatives proposed by the team, it is possible to see BARRON return to the training list or maintain its place on the list for some time.
According to a post on the project’s official Twitter handle, the community recently activated the token burn initiative. The move has reportedly removed over $20,000 worth of BARRON from circulating. Consequently, the price action of the token may respond with a further upward trend.
What Might Be The Next Top Trending Crypto
Smog has gone from fair launch to becoming one of the top trending tokens in the bull market. The token has amassed over $3 million since it debuted on the Solana chain, and it appeared on the top trending list severely, with remarkable price performance.
In the last 24 hours, SMOG has recorded over 50% increase in price, with many traders speculating if the token would cross the $1 mark before the end of the bull run. Despite the Bitcoin pullback of yesterday, the SMOG community continued on the quest to make SMOG the winning meme crypto of this season. Currently, its trading volume is up by 110%, signifying growing interest.
Furthermore, the smog team has also set a bold mission that may surprise the crypto community. It has set out to become the project with the greatest airdrop ever on the Solana Chain. In pursuit of the vision, the platform is currently offering a chance to its 49.38k holders to participate in the airdrop. The procedure to follow is outlined on its official Twitter handle.
At the current pace and the ongoing airdrop initiative, Smog might print more green candles in the coming days. Hence, it is best to monitor the trend to understand and take advantage of the opportunity.
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