Solama price is soaring: is this the next big Solana meme coin?

Solama price has gone parabolic as demand for meme coins has soared. The token has surged for three straight days in a high-volume environment. It jumped to a high of $0.0798, which was about 9,645% above its lowest point this year. This makes it one of the best-performing cryptocurrencies in the market with a valuation of over $45 million.

Solama’s performance is happening in an extremely high-volume environment. Data compiled by CoinGecko shows that the volume in the past 24 hours jumped to over $7.3 million. The volume rose to $3.2 million on Thursday and $1.2 million on Wednesday. This is a remarkable jump considering that its volume was less than 700k a few days earlier.

Solama’s token jump is mostly because of the ongoing demand for meme coins. Data shows that the total market cap of all meme coins has jumped to more than $60 billion. The biggest of these meme coins are Dogecoin, Shiba Inu, and Pepe.

A key theme in the crypto industry shows that there is a strong demand for Solana-based meme coins. Dogwifhat has grown its market cap to over $2.1 billion while Bonk, Myro, and Wen have a market cap of over $322 million. 

Therefore, with the price of Solama soaring, there is a likelihood that it will become the next big thing in the industry. 

According to its website, Solama aims to be the official mascot of the Solana ecosystem just as Shiba Inu is the dog coin of Ethereum’s network. 

The main risk for SOLAMA token for now is that the token is extremely overbought. The Relative Strength Index (RSI) and the Stochastic Oscillator have moved to almost 100. This is a sign that the token could lose momentum in the near term. This means that the token will retreat and then bounce back in the long term as the meme coin frenzy continues.

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