- Memecoins are seeing significant capital inflows, with Solana-based tokens recording impressive growth
- FARTCOIN has positioned itself as a serious challenger to BONK’s market dominance
The memecoin sector has been recording major capital inflows lately.
Solana-based memecoins, in particular, have absorbed a significant share of these inflows, registering a 9% hike in aggregate market capitalization to $6.78 billion, at the time of writing.
Now, although a majority of these tokens remain well below their pre-election highs, several outliers seem to be exhibiting strong relative strength.
Consider Fartcoin [FARTCOIN], for example. The altcoin surged by 192.80% on a 30-day trailing basis. In fact, the memecoin seems to be exhibiting bullish continuation and might be poised to reclaim its $1 billion market cap.
Should this momentum persist, Q2 may catalyze a reshuffling of dominance within the Solana memecoin cohort. Especially as Fartcoin [FARTCOIN] narrows the gap with Bonk coin [BONK].
Solana memecoins’ current market standing
At press time, Official Trump [TRUMP] was leading the Solana memecoin leaderboard with a market capitalization of $1.63 billion, with the crypto trading at $8.18. This, on the back of daily gains of 2.50% after bouncing off its local low of $7.14 on 07 April.
BONK followed suit with a $982 million market cap, priced at $0.00001269, marking a 14.4% daily surge. At the time, it was the strongest among top-tier memecoin by relative strength.
Close on its heels, FARTCOIN was trading at $0.89 with a 2.02% daily uptick and a market capitalization of $893 million. Thanks to the same, the crypto seemed to be narrowing the dominance gap.
Source: CoinGecko
Technically, momentum across Solana’s memecoin cohort is a sign of speculative appetite returning post-slump. BONK, in particular, has been exhibiting breakout potential based on 156% volume expansion and aggressive bid-side flows.
That being said, memecoins remain structurally high-beta plays. They often rally during risk-on sentiment phases or capital rotation triggered by market-wide FUD.
Given their short holding cycles, a comprehensive Q1 performance review, therefore, becomes critical.
Top-tier meme-based assets in Q1 – Performance recap
TRUMP memecoin closed Q1 at a significant 90% retracement from its 19 January peak of $77, erasing over $12 billion in market cap. This sharp correction underscores the hyper-speculative nature of the asset, driven more by media “hype” than sustained fundamentals.
BONK saw a 62% loss from its New Year’s opening at $0.00003059. However, it managed to maintain a degree of resilience within the Solana memecoin space.
On the contrary, FARTCOIN demonstrated relative strength, closing the quarter with a 50% loss. In doing so, it outperformed its peers on a monthly basis with an impressive 209% surge.
In fact, with volumes worth 390k – the highest on-chain demand among other high-cap Solana-based memecoins – FARTCOIN has emerged as a potential hedge against market corrections. This observation simply reinforces AMBCrypto’s own outlook on the memecoin.
If this momentum persists into Q2, FARTCOIN would be on track to challenge BONK for market leadership. However, in the short term, breaking the $1-level is critical for FARTCOIN. Especially since failure could trigger a profit-taking spree.
Source: TradingView (FARTCOIN/USDT)
Despite an overbought RSI, the MACD still pointed to bullish continuation. Combined with a surge in on-chain demand, a breakout might be highly plausible.
If it happens, with a circulating supply of 1 billion, FARTCOIN could easily reclaim the $1 billion market cap. By doing so, it could climb to the 2nd spot in the Solana memecoin hierarchy.