Market
Missed Pepe and Book of Meme? SolJu could be the next hit
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Meme coins have a market cap of over $60 billion.
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Tokens like Pepe and Bonk have made many millionaires.
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SolJu could be the next big thing in the meme coin industry.
Meme coins have done well this year, as they outperformed most mainstream coins like Bitcoin, Ether, and Ripple. Some, like Pepe and Book of Meme (BOME) have surged to a record high while the total market cap of all coins has soared to over $60 billion. SolJu, an upcoming Solana meme coin, could be the next big thing in the industry.
Why meme coins soared
There are three main reasons why meme coins have done well this year. First, most of these tokens soared as a sense of greed spread in the market. The fear and greed index has mostly been in the green this year as investors anticipated rate cuts by central banks like the Federal Reserve and the ECB.
Second, meme coins jumped because of Bitcoin’s performance. Bitcoin, the biggest crypto in the world, jumped to a record high in March as investors cheered the approval of Bitcoin ETFs by the Federal Reserve. Since then, these funds have seen inflows of over 800k Bitcoins and the trend may continue.
The focus now shifts to the upcoming approval of Ethereum ETFs. In a statement last week, Gary Gensler predicted that these approvals will happen later this year.
Meme coins tend to do well when Bitcoin is thriving because of their cheaper prices. As a result, most investors buy them instead of the highly expensive coins like Bitcoin, Litecoin, and Bitcoin Cash.
Additionally, the concept of meme trading has rebounded as evidenced by companies like GameStop and AMC. Also, traders are being incentivised to buy meme coins by activities in social media.
SolJu could be the next big thing
Now, focus among meme crypto investors has shifted to SolJu, a new Solana meme coin that will be launched on Tuesday.
This is a meme coin that has been inspired by the success of Beercoin, a token whose market cap jumped to over $300 million recently.
Its name is derived from Sol – for Solana – and Soju, a popular South Korean spirit. As such, the hope is that the token will be a social platform where Solju holders will gather and form a makeshift gathering with beer and food.
SolJu will forego the popular route of a token sale. Instead, the developers are planning a fair sale, where all tokens will be released and then the market discovery will help to determine its value.
The initial supply of the token will be 100 million tokens while the initial liquidity will be $12,000. The starting price will be $0.00012, giving it room to grow in the coming months.
After the launch, the developers aim to boost its price through exchange listings, games, and partnerships in the crypto community. You can learn more about SolJu here.
Market
Dogecoin (DOGE) Shows Renewed Energy: Rally Incoming?
Dogecoin is consolidating gains above the $0.380 resistance against the US Dollar. DOGE is holding gains and eyeing more upsides above $0.400.
- DOGE price started a fresh increase above the $0.3750 resistance level.
- The price is trading above the $0.3800 level and the 100-hourly simple moving average.
- There was a break above a short-term contracting triangle with resistance at $0.390 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price could continue to rally if it clears the $0.400 and $0.4080 resistance levels.
Dogecoin Price Eyes More Upsides
Dogecoin price remained supported above the $0.350 level and recently started a fresh increase like Bitcoin and Ethereum. DOGE was able to clear the $0.3650 and $0.3750 resistance levels.
The price climbed above the 50% Fib retracement level of the downward move from the $0.4208 swing high to the $0.3652 low. Besides, there was a break above a short-term contracting triangle with resistance at $0.390 on the hourly chart of the DOGE/USD pair.
Dogecoin price is now trading above the $0.3750 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.3950 level or the 61.8% Fib retracement level of the downward move from the $0.4208 swing high to the $0.3652 low.
The first major resistance for the bulls could be near the $0.400 level. The next major resistance is near the $0.4080 level. A close above the $0.4080 resistance might send the price toward the $0.4200 resistance. Any more gains might send the price toward the $0.4500 level. The next major stop for the bulls might be $0.500.
Are Dips Supported In DOGE?
If DOGE’s price fails to climb above the $0.400 level, it could start a downside correction. Initial support on the downside is near the $0.3850 level. The next major support is near the $0.3750 level.
The main support sits at $0.3550. If there is a downside break below the $0.3550 support, the price could decline further. In the stated case, the price might decline toward the $0.3200 level or even $0.300 in the near term.
Technical Indicators
Hourly MACD – The MACD for DOGE/USD is now gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.
Major Support Levels – $0.3850 and $0.3750.
Major Resistance Levels – $0.4000 and $0.4200.
Market
Solana Hits New All-Time High After 3 Years
On Friday, Solana (SOL) soared to a new all-time high (ATH), now trading at approximately $261. This breakthrough surpasses its previous peak set in November 2021.
Solana’s rise to a new ATH marks an increase of over 32 times from its lows recorded in December 2022.
Solana Hits All-Time High as Gary Gensler Plans Resignation
Solana’s path to this new high has been anything but smooth. After reaching its previous high in 2021, the platform faced a downturn in 2022 amid a broader crypto bear market, further exacerbated by technical issues and network downtimes.
The collapse of FTX in November 2022 pushed Solana’s price down to around $8.
However, Solana has since made a remarkable recovery, increasing more than 32-fold from its low. Now, Solana enthusiasts believe that SOL could eventually outpace Ethereum (ETH) in market capitalization.
“Solana has been at an all-time high by market cap for a while actually. Now, we’re finally in price discovery. The flippening is coming,” Birch, the founder of PathCrypto, said.
The surge in Solana’s market value coincides with the news of SEC Chairman Gary Gensler’s planned resignation, slated for January 20, 2025, as Donald Trump assumes office.
Known for his strict regulatory stance on cryptocurrencies, Gensler’s departure signals a potential shift toward a more crypto-friendly administration. Consequently, this political change is stoking speculations about the approval of a Solana exchange-traded fund (ETF). According to Fox Business journalist Eleanor Terrett, the SEC has begun engaging with issuers to explore the possibility of a Solana ETF.
“Talks between SEC staff and issuers looking to launch a Solana spot ETF are “progressing” with the SEC now engaging on S-1 applications. Recent engagement from staff, coupled with the incoming pro-crypto administration, is sparking a renewed sense of optimism that a Solana ETF could be approved sometime in 2025,” Terrett claimed.
Previous efforts to launch a Solana ETF were stalled by regulatory roadblocks, often stopping early in the process. However, the changing political environment and the SEC’s increased openness have reignited hopes within the crypto community. Recent filings for a Solana ETF by Canary Capital and BitWise reflect a growing interest and anticipation for regulatory approval.
Despite these encouraging developments, the odds of a Solana ETF approval in 2024 remain low, with Polymarket estimates placing it at around 4%.
Meanwhile, the crypto community is also closely watching Bitcoin as it approaches the highly anticipated $100,000 mark. On Friday, Bitcoin recorded a new high of about $99,300. This milestone is viewed as a pivotal moment for Bitcoin and could impact other cryptocurrencies, including Solana.
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Market
XRP Price 25% Rally: Breaking Barriers and Surpassing Odds
XRP price rallied above the $1.15 and $1.20 resistance levels. The price is up over 25% and might rise further above the $1.420 resistance.
- XRP price started a fresh surge above the $1.20 resistance level.
- The price is now trading above $1.250 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trend line with resistance at $1.1400 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is up over 25% and it seems like the bulls are not done yet.
XRP Price Eyes Steady Increase
XRP price formed a base above $1.050 and started a fresh increase. There was a move above the $1.150 and $1.20 resistance levels. It even pumped above the $1.25 level, beating Ethereum and Bitcoin in the past two sessions.
There was also a break above a key bearish trend line with resistance at $1.1400 on the hourly chart of the XRP/USD pair. A high was formed at $1.4161 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $1.0649 swing low to the $1.4161 high.
The price is now trading above $1.30 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $1.400 level. The first major resistance is near the $1.420 level. The next key resistance could be $1.450.
A clear move above the $1.450 resistance might send the price toward the $1.50 resistance. Any more gains might send the price toward the $1.550 resistance or even $1.620 in the near term. The next major hurdle for the bulls might be $1.750 or $1.80.
Are Dips Supported?
If XRP fails to clear the $1.420 resistance zone, it could start a downside correction. Initial support on the downside is near the $1.3350 level. The next major support is near the $1.2850 level.
If there is a downside break and a close below the $1.2850 level, the price might continue to decline toward the $1.240 support or the 50% Fib retracement level of the upward move from the $1.0649 swing low to the $1.4161 high in the near term. The next major support sits near the $1.20 zone.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – $1.3350 and $1.2850.
Major Resistance Levels – $1.4000 and $1.4200.
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