Solana-based memecoin ‘PIGS’ is set to launch in the next week, starting its trade at $0.00012 with a total supply of 100 million tokens. After getting the advantage of Solana‘s blockchain, this token gets special attention and analysts expect it to be the next bull in the crypto market.
In recent years, meme coins’ excellent performance left the famous cryptocurrencies behind. Recently Pepe Set a new record by giving a market cap of over $6 billion.
Reasons Behind Meme Coins Success
Meme coins like Solana, WIF, Doge, and BOME performed well during this year. WIF market cap skyrocketed to $3.3 billion. However, other meme coins market cap stayed above over $2 billion.
All the meme coins launched on CoinMarketCap hold a market cap of almost $63 billion. This makes them bigger than many famous companies like FedEx, Monster Beverage, and others.
Several factors contributed to the success of meme coins this year. Key news in the crypto industry played a significant role, starting with the SEC’s approval of Bitcoin ETFs in January. These ETFs now hold over $60 billion in assets, fueled by strong institutional demand.
The approval of Ethereum ETF by SEC is the second big reason as analysts expect it to gather billions of dollars in assets, when it starts trading. This approval is an indication for other ETFs approval like Solana, Cardano, and Ripple.
Third major reason which made meme coins surge is due to Bitcoin’s halving in April, which cut the rewards given to miners. Typically, Bitcoin’s price increases both before and after a halving event.
Finally, the Federal Reserve of the United States can reduce the interest rates, as inflation is continuously dropping here. If the inflation rate stays below 3.3%, there are major chances for the meme coins to grow.
Source: Tradingview
Can PIGS make it‘s Space in the Crypto Market
Analysts believe that more meme coins will be launched in the upcoming months as developers seek more profit in it.
One of the most eagerly awaited meme coins is Piggy Bankster, with its presale starting on June 4th this year.
PIGS is becoming popular because of its blockchain‘s fast speed and low transaction cost. Some of the famous Solana meme coins are Bonk, BOME, and Cat in the Dogs world.
Piggy Bankster is aiming to create its own space in the world of animal themed tokens. This meme coin industry started with the name of Dog, Cat, Frog, and Chicken.
As these animal themed tokes performed well, and successfully gained the attention of traders, it is expected that Piggy Bankster will do well in its token presale and early trading. The initial liquidity for this token is $12,000.
