A new canine-themed cryptocurrency called Dogecoin has made a jump in value on the market Solana SOL/USD network, jumping 9,400% in a single day.
What happened: Data from dextools shows that the total market capitalization of the Dogecoin doppelganger stands at $160,690, with liquidity reaching $24,600 and a 24-hour trading volume of $5.15 million. At the time of reporting, the trading price was $0.00015.
It should be noted that DOGE on the SOL blockchain is not affiliated with the original Dogecoin DOGE/USD.
Meme coins, which often experience wild price swings, have gone through huge ups and downs during their typically short-lived moments in the spotlight.
This meme coin comes as several viral tokens on the Solana network have surged by up to 80%.
See more: Dogecoin HODLERS Are Beating Shiba Inu With 57% Profits, IntoTheBlock Data Reveals
Because matter: Solana’s appeal was also influenced by Solana Mobile’s announcement of the “Two” phone, which is scheduled for release in 2025 and will retail for $450. There is market speculation that the Buyers of this new phone could receive special launches and access to Solana-based apps, reminiscent of the $650 airdrop offered to owners of the Saga phone last year.
Solana’s significant rise of 71.9% in December has led it to be nicknamed one of the leading “Ethereum ETH/USD killer” of this cycle. This demonstration triggered a flurry of activity within the Solana ecosystem, including the inclusion of the meme token Good on major exchanges such as Binance AND CoinBaseand has become a rival to Dogecoin and Shiba Inu.
The cryptocurrency in question, Dogecoin made on SOL, has shown substantial market activity. However, potential investors should be aware that the liquidity of this coin is relatively low at $24,600. Low liquidity in the market means fewer buyers and sellers, which can lead to more volatile price movements and can pose difficulties when trying to enter or exit positions.
Read next: Here’s how much you should invest in Shiba Inu today for a $1 million payday if SHIB hits 1 cent?
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