Solana's Memecoin Mania Could Boost Its Rally, Claims Watkins

The renewed memecoin speculation on Solana [SOL] could boost the altcoin’s long-term value.

Solana's memecoin scene might be boosting its rally, according to some crypto enthusiasts.

As per Ryan Watkins, co-founder of crypto VC firm Syncracy Capital, Solana's memecoin moat might be driving its rally, especially with the recent hype around the AI-spawned GOAT token. He stated,

“I don’t really care whether memecoins are neo-religions or if AI agents are really launching on-chain cults, all I know is all roads lead back to $SOL.”

Solana's memecoin mania, to support his claim, Watkins highlighted the chain's role ‘in all speculative experiments this cycle,’ which was visible on Raydium, a Solana-based decentralized exchange (DEX).

The DEX hit a record-high market share (72%) during this week's renewed meme coin craze.

“Worth noting too that Raydium, the leading DEX where memecoins on Solana trade reached new highs in market share this week, too.”

Interestingly, GOAT ranked first among meme coins in mindshare, according to Kaito data, further emphasizing its role in this week'ss tractions.

Over the same period, it had nearly 12% mindshare compared to others, with Dogecoin [DOGE] being its closest rival.

Another market analyst, Gumshoe, shared Watkins' sentiment and noted SOL's outperformance over the weekend. He stated,

“Onchain degeneracy happens on Solana, the market will soon start pricing in the paradigm shift.”

Santiment's data supported the above projections, as SOL's sentiment was relatively positive last week.

However, it was unclear whether the positive sentiment was linked to the Bitcoin [BTC] rally or the renewed meme coin craze.

At press time, SOL hovered around $160, which was a mid-range level and bearish order block (OB). In short, the area was a key supply zone that, if cleared, could push SOL to $180 in the short term.

However, a price rejection at the supply zone could still drag the altcoin to a 50-day EMA (exponential moving average) at $147 or back to range lows.

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