Solana has continued to attract deposits and hold its #2 position as far as TVL (Total Value Locked) is concerned.
Despite $SOL’s falling price, its TVL numbers in April were the highest they have been since June 2022, showing investors’ belief in the Solana ecosystem.
Keep reading to find out the real significance behind Solana’s rising TVL, why it’s a good time to be bullish on it, and how you can maximize your earnings by investing in the best meme coins.
Understanding Solana’s Falling Price
Solana has fallen by more than 60% since mid-January, after making a high of $290. It’s now trading at around $120 and has tested its support of $113 twice.
The last 7 days have also seen a sharp 15% decline, which can be attributed to Solana’s unlocking event on April 4th.
Around 1.79M staked tokens, which were staked at $23, became available for trading on 4th April. This led to significant selling pressure, which pushed Solana down to its resistance levels.
After a 60% decline in the first quarter, investors were keen to book some returns on the staked tokens.
Solana Steady in Choppy Waters
At a time when cryptocurrencies, especially meme coins, have taken a hit, Solana has been doing pretty well.
Although the price is down, deposits on the network are on the rise. Solana dApps deposits reached 53.8M SOL – a 14% month-on-month increase.
In terms of DEX volumes, too, Solana has been quite strong against the likes of Tron, BNB Chain, Arbitrum, and Base.
It now holds a market share of 24%, thanks to its integrated Web3 user experience and emphasis on base layer scalability. $SOL is, in fact, only marginally behind Ethereum, which has a market share of 26%.
The recent crypto dip has been a great opportunity for investors to jump in at some really low prices, and Solana has been no exception.
More funds flowing into Solana is a reconfirmation of investors’ trust in the network – and potentially even the future of meme coins and altcoins.
With the fundamentals growing strong, it’s only a matter of time before we see the prices pushing up as well.
If you’re looking to join the crypto bandwagon, this could be a perfect time. Here are three top cryptos that are in a pole position to benefit from Solana’s upcoming rise.
1. Solaxy ($SOLX) – Best Meme Coin Right Now Thanks to First-Ever L2 for Solana
If you wish to ride Solana’s growth, there’s hardly a crypto project better than Solaxy ($SOLX).
That’s because it won’t just feed on Solana’s meme coin-friendly infrastructure, but it plans on making the blockchain network better than ever.
Solana currently struggles with several issues that have hindered its growth and stopped it from reaching its true potential.
The insane popularity of $TRUMP, $MELANIA, and meme coin launchpad Pump.fun overloaded Solana. As a result, the network became congested, and transactions started failing.
Solaxy is building the first-ever Layer 2 scaling protocol on Solana. It will combine Ethereum’s liquidity and Solana’s speed to create a hyper-efficient meme coin infrastructure on Solana.
According to Solaxy’s whitepaper, this multi-chain token will process a bunch of Solana’s transactions on a sidechain, thereby reducing weight on the network’s mainnet.
What’s more, early buyers of $SOLX can also stake their tokens and earn 139% in staking rewards.
Solaxy is currently in presale, where it has amassed a mind-boggling $29.2M so far. You can join one of the best crypto presales this year for just $0.001686 per token.
Here’s a detailed guide on how to buy $SOLX.
2. BTC Bull Token ($BTCBULL) – Best Crypto to Buy for Bitcoin Maximalists
While Solaxy could single-handedly be the reason we see a huge spike in meme coin activity, the fact remains that Bitcoin plays a massive role in deciding the larger crypto market’s direction.
And with $BTC projected to cough up new highs sooner rather than later, the time is ripe to invest in a Bitcoin-themed meme coin like BTC Bull Token ($BTCBULL).
$BTCBULL’s specialty is that it’s the ONLY crypto offering free (and real) $BTC to its token holders as rewards.
It’s worth noting that other meme coins typically offer a handful of ecosystem benefits or more of their own tokens as loyalty rewards.
However, BTC Bull Token has raised the bar by pledging to give away Bitcoins to $BTCBULL holders who store their tokens in Best Wallet.
These giveaways will take place every time Bitcoin surges past a new landmark number, such as $150K, $200K, and $250K, for the very first time.
We also like that the developers have reserved 40% of the total token supply for marketing purposes.
Combined with regular token burn events, there seems to be a strong plan in place to ensure $BTCBULL is always among the top trending cryptos.
Currently in the early stages of its presale, BTC Bull Token has raised over $4.4M. You can join the tribe by paying just $0.00245 per $BTCBULL. Here’s how to buy it.
3. Fartcoin ($FARTCOIN) – Community-Backed Meme Coin Posting Massive Returns
Like Dogecoin, Fartcoin, too, owes its existence and popularity to the tech billionaire Elon Musk. That’s because it was created upon a suggestion by Truth Terminal, an AI chatbot.
The bot explained that having a meme coin based upon Musk’s amusement with fart jokes could be a good idea. And indeed it was!
$FARTCOIN is, in fact, one of the most profitable meme coins of this year, having gained over 66% in the last month – and an otherworldly 919,000% since its launch in October last year.
The project rewards users with free $FARTCOIN tokens for submitting hilarious fart jokes. What’s more, every time you make a transaction, you’ll be greeted with an amusing fart sound.
$FARTCOIN is currently trading at $0.4599 – up 9.5% in the last seven days. More importantly, the token looks like it’s now moving away from the lows it made in its February crash, when it dumped around 90%.
It’s, therefore, one of the best cheap cryptos to buy right now.
Bottom Line
To conclude, Solana is looking like a million dollars thanks in part to Solaxy‘s revolutionary roadmap for the network.
However, the fact remains that despite any degree of bullishness, the market, including the best altcoins, guarantees nothing. Therefore, we recommend only investing a small amount.
Also, kindly do your own research and due diligence before becoming a crypto investor. Our articles aren’t financial advice.
