Meme coins have a market cap of over $60 billion.
Tokens like Pepe and Bonk have made many millionaires.
SolJu could be the next big thing in the meme coin industry.
Meme coins have done well this year, as they outperformed most mainstream coins like Bitcoin, Ether, and Ripple. Some, like Pepe and Book of Meme (BOME) have surged to a record high while the total market cap of all coins has soared to over $60 billion. SolJu, an upcoming Solana meme coin, could be the next big thing in the industry.
Why meme coins soared
There are three main reasons why meme coins have done well this year. First, most of these tokens soared as a sense of greed spread in the market. The fear and greed index has mostly been in the green this year as investors anticipated rate cuts by central banks like the Federal Reserve and the ECB.
Second, meme coins jumped because of Bitcoin’s performance. Bitcoin, the biggest crypto in the world, jumped to a record high in March as investors cheered the approval of Bitcoin ETFs by the Federal Reserve. Since then, these funds have seen inflows of over 800k Bitcoins and the trend may continue.
The focus now shifts to the upcoming approval of Ethereum ETFs. In a statement last week, Gary Gensler predicted that these approvals will happen later this year.
Meme coins tend to do well when Bitcoin is thriving because of their cheaper prices. As a result, most investors buy them instead of the highly expensive coins like Bitcoin, Litecoin, and Bitcoin Cash.
Additionally, the concept of meme trading has rebounded as evidenced by companies like GameStop and AMC. Also, traders are being incentivised to buy meme coins by activities in social media.
SolJu could be the next big thing
Now, focus among meme crypto investors has shifted to SolJu, a new Solana meme coin that will be launched on Tuesday.
This is a meme coin that has been inspired by the success of Beercoin, a token whose market cap jumped to over $300 million recently.
Its name is derived from Sol – for Solana – and Soju, a popular South Korean spirit. As such, the hope is that the token will be a social platform where Solju holders will gather and form a makeshift gathering with beer and food.
SolJu will forego the popular route of a token sale. Instead, the developers are planning a fair sale, where all tokens will be released and then the market discovery will help to determine its value.
The initial supply of the token will be 100 million tokens while the initial liquidity will be $12,000. The starting price will be $0.00012, giving it room to grow in the coming months.
After the launch, the developers aim to boost its price through exchange listings, games, and partnerships in the crypto community. You can learn more about SolJu here.