Memecoins
Solana will take memecoin election hype to $400, says analyst – DL News
- Two president-themed memecoins will propel Solana to $400 before the US election, analyst says.
- The prediction comes as Donald Trump has made crypto an election issue.
Two president-themed memecoins will help push Solana to $400 by the US elections in November.
That’s according to Ryan McMillin, chief investment officer at crypto fund manager Merkle Tree Capital.
Solana-based altcoins Jeo Boden and Donald Tremp – based on the confusing names of the last two US presidents – helped Solana overtake Ethereum in trading volume on Thursday.
“Memecoins will go deep into the bull market,” McMillin said. DL Newswhich means that both altcoins will be actively traded over the next few months.
The two memecoins came together as former US President Donald Trump adopted crypto in its strongest terms yet, and current President Joe Biden has threatened to veto a pro-crypto bill last week – cementing crypto as an election issue.
Solana’s rise following the news also helps traders regain confidence in the blockchain, which has been plagued by breakdowns for years and served as a live stress test, McMillin said.
“While memes can be a fun, speculative tool in the short term,” they pave the way for other, more enduring use cases, such as tokenization of real-world assets, he added.
Solana is trading at around $136. Even if this figure is still far from its historic record of November 2021, $260the increase in trading served as a live stress test of the Solana network, McMillin said.
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He also said Solana’s price would be supported by increased liquidity in the market as the US Treasury works to strengthen the economy, meaning investors will have more money to trade assets high risk like cryptocurrencies.
Memecoin Donald Tremp rose 204% to $0.76 on Thursday, and Jeo Boden surged 33% to $0.4.
They then fell back to $0.53 and $0.26 respectively.
Sebastian Sinclair is markets correspondent for DL News. Do you have any advice? Contact Seb at sebastian@dlnews.com.