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It seems like meme coins are making a comeback, and one Solana-based token is leading the way.
You’ve probably seen everyone talk about Pengu (PENGU), and for good reason – it’s up over 80% in just the past week.
At the same time, a new Solana meme coin called Snorter (SNORT) is gaining traction in its ICO, already raising over $1.2 million from early backers.
PENGU Price Rallies as Bullish Catalysts Combine
PENGU has had a great week, now trading around the $0.015 level.
That makes it the top-performing major meme coin at the moment.
In the last day alone, it jumped another 13%, leaving other Solana meme coins like Dogwifhat in the dust on both price and trading volume.
A few factors are driving up demand for this penguin-themed token.
First, a surprise ETF filing popped up from Cboe for a “Canary PENGU ETF.”
If approved, this fund would hold PENGU tokens and Pudgy Penguins NFTs, which is a huge sign of potential institutional interest.
Plus, on-chain data shows that big money is moving in.
Nansen reported that whale wallets boosted their PENGU holdings by over 11% this past month, and that includes one enormous buy of $2.4 million.
For the technical traders, PENGU also broke out of a falling wedge pattern on Friday and is now trading above its 50-day EMA.
Meme Coin Market Rebounds After Last Week’s Sell-Off
But it’s not just a one-coin show.
All the bullishness around Pengu is lifting the entire meme sector, both on Solana and Ethereum.
The total market cap for meme coins has climbed back above $54 billion, and daily spot trading volumes have increased by 32% since yesterday.
Popular coins like PEPE and SPX jumped 3%, and Dogwifhat added 6% to its value.
This optimism seems tied to the broader market finding its footing again.
Bitcoin pushed past $107,000 yesterday, partly due to some unexpected news from the White House.
An order for Fannie Mae and Freddie Mac to look into crypto-based federal housing loans is seen as a huge deal.
It could potentially plug crypto into a $7 trillion system – and that kind of headline has a way of boosting sentiment.
That’s helped the Crypto Fear & Greed Index finally get back into “Greed” territory.
Snorter Capitalizes on the Meme Coin Momentum as ICO Demand Ramps Up
With all this activity, smaller Solana-based meme coin projects, such as Snorter, are seeing an uptick in demand.
Snorter has now raised over $1.2 million in its ICO, with SNORT tokens currently available for just $0.0967 each.
Most of the hype is because it’s pairing degen fun with an actual product.
Snorter’s team is building a trading bot inside Telegram designed to give meme coin traders an edge.
Th bot uses Solana’s speed for near-instant trades, automated sniping of new token launches, copy trading, and even scam detection.
With the crypto bot market already worth $41 billion, it’s a clever move.
Holders of the SNORT token get perks like lower fees, staking rewards estimated at 244% per year, and a say in the project’s future.
With big influencers like Crypto Gains already backing it, it’s easy to see why ICO momentum is building.
Snorter has even been featured on popular ranking sites like CoinSniper.
And none of this early hype comes at the expense of security, since Coinsult and SolidProof have audited the SNORT token, finding no vulnerabilities.
So, while PENGU might be the hottest topic right now, many traders believe Snorter will be the next meme coin to take off.
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