SOL has dropped by 0.5% today, with the Solana price slipping to $172.10 as the wider cryptocurrency market barely moves in the past 24 hours.
This fall hasn’t prevented Solana from holding onto a 3% gain in a week and a 17% jump in a month, with the token – the fifth-biggest in the market by cap – also boasting a 750% appreciation in a year.
Yet today’s move comes as Hulk Hogan has become dogged in claims that he launched his own Solana-based meme coin (HULK) yesterday and then promptly dumped it on retail traders.
The wrestler and Hollywood actor has denied these allegations, yet they underline how Solana has become rife with low-quality meme tokens that are highly risky for the average investor, something which jeopardises the coin’s price in the long run.
Hulk Hogan Denies Meme Coin Pump and Dump – Will the Solana Price Take a Hit?
SOL’s chart gives the impression that the coin is in a position to make some more short-term gains over the weekend.
Its relative strength index (purple), for example, has bounced from 30 late last night to just over 50 as of writing, with momentum suggesting that it could continue rising in the next one or two days.
Source: TradingViewLikewise, SOL’s 30-day average (orange) has resumed rising after dipping, while the coin’s price has jumped above the average.
This signals that Solana has entered another growth spurt, although the coin’s volume, at $2 billion today, suggests that it may not last for too long.
This relatively low volume comes amid a steady supply of new meme token launches, many of which are of very dubious caliber.
As noted above, yesterday saw the launch of a HULK token, which the official Hulk Hogan X account promoted.
This meme coin stuff is getting out of hand. Literally $10 million was a vaporized in $Hulk coin within minutes and nobody knows what’s going on.
We don’t know if Hulk Hogan was hacked, if he is playing some sort of weird game, if his social media was hacked, or if there’s… https://t.co/Def5iM18nv pic.twitter.com/euRCgZloul
— Brian Krassenstein (@krassenstein) June 6, 2024
It pumped to roughly $0.014 before falling all the way to $0.00129, while Hulk Hogan deleted all of his tweets not long after, with a post on his Instagram implying that bad actors had hacked his X account.
Regardless of what has happened, the launch and fall of HULK arguably casts a negative light on Solana, which saw close to half a million tokens issued on its chain in May.
On the other hand, supporters will point to such data to suggest that Solana is popular for meme tokens because of its utility and scalability.
As such, its growth as a network will probably help the Solana price rise over the coming weeks, potentially reaching $200 late in the summer.
Diversification into High-Potential Meme Coins
SOL remains one of the best large alts in the market, yet traders wanting to maximize their exposure to upside may also want to diversify into one or more of the more promising new meme tokens that have emerged in recent weeks.
While the HULK saga underlines how many (or most) new meme coins are sketchy, there is one way of identifying which new tokens have more promise and potential longevity: presales.
Successful presales show which tokens are generating above-average interest, with one of biggest presales at the moment belonging to Sealana (SEAL), a Solana-based meme coin that has raised more than $3 million.
#Sealana has got some big news for y’all today! After a long night of drinking, doin’ American $SEAL things and blacking out! He woke up with some real mental clarity and made the call that the #Presale‘s gonna end on June 25th at 6 pm UTC!
You know what that… pic.twitter.com/va7W8abVjb
— Sealana (@Sealana_Token) June 6, 2024
SEAL’s presale will end on June 25, with the speed with which it raised more than $3 million suggesting that it could have a big listing.
It’s vying to become the latest in a line of Solana-based tokens (such as WIF and BONK) that have shown real staying power in recent months and have solidly outperformed the market.
It’s already off the a good start in this respect, with the coin’s official X account now reaching 12,000 followers.
Investors interested in buying some SEAL early – and at a discount – have until June 25 to do so.
They can buy SEAL at the official Sealana website, with 1 SEAL costing $0.022.
This is likely to prove a very cheap price for the token, which, judging by its fast-moving presale and growing community, is going to enjoy some substantial gains towards the end of the month.
Buy SEAL Today
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