Solana, Jupiter are top gainers amidst meme coin craze

On Mar 15, 2024

Despite the market’s notable liquidation, Solana and Jupiter have recorded double-digit growth, becoming the top gainers Friday.

The crypto market has been down by nearly 5% since yesterday, as Bitcoin dropped to $65,000 for the first time in over a week. Ethereum and Dogecoin also dropped almost 10% after seeing week-long rallies.

Despite this brief decline, Jupiter and Solana continue to rally amid increased trading volume and positive market sentiment. SOL gained nearly 10% today, and Solana-based meme coins have experienced record-high gains throughout this bull market. Dogwifhat (WIF) reached a new all-time high of $3.47 yesterday, recording a 534% monthly growth.

Another newly launched Solana meme coin, Book of Meme (BOME), went viral on social media and has increased 560% since yesterday. The high demand for the BOME/SOL trading pair has also impacted Solana’s price today. BOME’s initial market started just below $10 million and soared to $510 million within a day of trading.

On the other hand, Jupiter’s (JUP) rally can be closely attributed to its record trading volume in March and the initiation of its first launchpad program, LFG, which is designed to support new market projects.

The CWG, led by Slorg has done amazingly to drive the introductions last round. We are glad to see the 6 teams benefitting from this!
There will always be improvements to be made, CWG wants to hear some feedback from you.
Drop your thoughts: https://t.co/jsTxxl7PSv https://t.co/DDKOnpdD9Y
— Jupiter 🪐 (@JupiterExchange) March 15, 2024

Jupiter also saw its highest trading volume only two weeks into March. The platform’s largest trading month was December, at $16.6 billion. Up to March 14th, the exchange had already crossed $20 billion, reflected in JUP’s market price.

Jupiter exchange monthly trading volume | Source: Jupiter Station

Jupiter’s record trading volume is also linked to Solana, as SOL/USDC and SOL/WIF were the most traded pairs on the exchange in March. Regarding daily trading volume, SOL/BOME was today’s most traded pair on the DEX.

Solana-based meme coins and their availability on Jupiter have positively affected both altcoins, as the tokens have successfully survived the recent liquidation phase in the bull market.

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