- Conquering the esoteric currency market
- $Billy's 252% rise in September
- Trader fatigue from cat and dog memes
Moodeng, the new viral internet meme animal, recently found its home on the Solana blockchain in the form of the $MOODENG/SOL memecoin. It has already reached a market cap of $40M just 11 days after its creation.
Conquering the esoteric currency market
Solana memecoin traders were already used to seeing cat and dog coins. However, after Moodeng became a viral internet sensation overnight, degens were quick to launch the baby hippo on Solana. According to DexScreener data, at the time of this writing, Moodeng is trying to break above the $40M resistance, with a total of 24000+ holders.
$Billy's 252% rise in September
Since the market took a more bullish turn recently, and Solana also pumped from $128 to $152 over the course of a week, several memecoins have also started recovering. Billy/Sol, for instance, went from a market cap of $15M (the local bottom) to $55.38M recently, marking a 252% increase. However, it looks like Solana traders might be becoming tired of meme coins revolving around cats and dogs.
Trader fatigue from cat and dog memes
This sentiment has been developing among the traders for a while now. We’ve already seen cat-based meme coins like Michi, Popcat, Mew, and Ginnan ruling the stage. On the other hand, there seems to be an endless list of dog meme coins besides Billy, such as Selfie, Dogwifhat, Bonk, and more. Solana traders have been desperately waiting for something new. One user on Twitter pointed out that everyone is tired of the current meta.
The main reason why Billy pumped above a market cap of $220 million in July 2024 was that it offered a fresh narrative at that time, as the traders were growing tired of endless celebrity tokens and scams. At that time, Billy/Sol was more like a movement that defied the meta and rebalanced the market. Now that we’re seeing similar sentiments about cat and dog coins, Moodeng has come in and taken everyone’s attention. It's fresh, unique, and it’s neither a cat nor a dog. Rather, it’s a baby hippo that’s also going incredibly viral outside of the crypto world.
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