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Meme Coin Mayhem: A Week in Review

4 min readMar 24, 2024

Explore the highs and lows of a week where meme coins not only dominated headlines but also reshaped investor strategies.

Solana Presale Frenzy Nets $122.5M

In a recent revelation by crypto investigator ZachXBT, the Solana network experienced a remarkable influx of funds, accumulating over 655,000 SOL (equivalent to approximately $122.5 million) from 27 presales within a mere week. Leading the charge in this presale boom is the recently released $Smole token, which alone raised 169,000 SOL, while the much-talked-about Slerf token secured the third spot with 59,000 SOL.

Cardano Launches Fiat-Backed Stablecoin USDM Amidst Anticipation

After considerable anticipation, Cardano has unveiled USDM, its inaugural fully fiat-backed stablecoin, entering the competitive $146 billion arena currently led by giants USDT and USDC. Rolled out by Mehen Finance on March 17, USDM sets itself apart by enabling users to directly mint and redeem USD, a notable departure from Cardano’s existing algorithmic and synthetic stablecoins such as DJED and iUSD.

Solana Dominates 2024 Blockchain Interest, Says CoinGecko

According to a recent study by CoinGecko Research, the Solana network emerges as the leading force in blockchain ecosystem engagement for the year 2024, with a notable 49.3% share of the global crypto investor interest.

The research points to Solana’s significant upturn, approaching its peak levels from 2021, and the strong contributions from essential ecosystem initiatives like Pyth. Additionally, the popularity of unique memecoins native to Solana, such as dogwifhat, has also played a pivotal role in this heightened interest.

Concerns Arise Over Memecoin Mania’s Influence on Cryptocurrency Sector

Ki Young Ju, the CEO of CryptoQuant, recently expressed apprehensions regarding the increasing allure of memecoins within the cryptocurrency industry.

Through a post on X, Ju pointed out the paradox of memecoins, with valuations reaching billions of dollars, overshadowing the endeavors of committed teams behind genuine blockchain projects. He likened this trend to the 2018 ICO boom, criticizing the memecoin craze for its focus on swift gains rather than contributing to the long-term development of the industry. Ju also highlighted the repercussions of this trend, such as escalated fees and heightened on-chain activity, particularly noting its impact on networks like Solana.

$53K SOL Accidentally Burned by Memecoin Creator

The crypto community is abuzz following a notable incident where a meme coin curator @slerfsol inadvertently burned 53,000 SOL, along with liquidity provider (LP) tokens and key assets donated by the community during presale, and intended for a Meme Coin launch airdrop. This irreversible mistake has led to complications for the project and its stakeholders.

Meme of the Week: Solana Having a Stellar Bullrun

Top Altcoin Gainers and Losers

Altcoin of the Week

GALA — GALA

Coingecko: Gala is a blockchain gaming ecosystem. Gamers can explore different type of games and have their experiences interact across each other on the Gala platform. The GALA token is the utility token and primary medium of exchange of the ecosystem.

GALA tokens can be traded on centralized crypto exchanges. The most popular exchange to buy and trade GALA is Binance, where the most active trading pair GALA/USDT has a trading volume of $120,266,065 in the last 24 hours. Market capitalization of GALA (GALA) is $2,256,365,283 and is ranked #57 on CoinGecko today.