Meme coin caused Solana price to rise by 40% in a week - page 2.

traderethereum

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Quote from: Natalim on January 06, 2023, 08:04:03 AM

Quote from: traderethereum on January 06, 2023, 05:15:03 AM

Maybe they want to pique the interest of investors by pumping in the meme coins launched on the Solana network and I guess that's normal because we've seen it happen a lot before too.
We must be aware of this because this is not a good or bad sign. After all, we also don't know how the project will go.
I also wouldn't think too much about whether the meme coin project would still be trending and would rather focus on bitcoin.
And if people still want to follow the meme coin project, they need to be very careful.

It hypes because of price manipulation. But I don't think this will still gain more attraction knowing that investors now had already learned from their mistakes from investing in projects with the same scheme before. Investing in meme coins is certainly not a good idea and I hope newbies will open their eyes and see the risk of investing in them. I'm not discouraging people from investing in altcoins but be sure we have done with the research and we have to stay away from new projects.

Hopefully, these investors really have learned a lot from their previous mistakes and won't be reckless investing in meme coins again.
Meme coins can certainly promise investors to join them again but this requires extra caution as we have already seen what happened to meme coins.
Maybe only Dogecoin can really be used as an investment even though it will be difficult to repeat or get the last ATH for Dogecoin.
I think people should see the potential of bitcoin instead of choosing altcoins because they will be confused about choosing an altcoin that can be used as their investment.

Ngemmeng

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my opinion is not good. SOLANA is a big altcoin and if the price of SOL goes up because of a meme coin it is not a good thing because meme coins are coins with no utility and relying solely on hype. I know that this coin has been listed on many exchanges but there is no reason for investors to hold on long term because this coin has no utility and the hype could end anytime. after the hype ends this coin will be abandoned by most investors and the price drops sharply, and of course it will also have an impact on the price of SOL.

Sayeds56

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Quote from: AnonBitCoiner on January 05, 2023, 07:20:08 AM

Quote from: krishnaverma on January 05, 2023, 01:58:24 AM

Recently a meme coin was launched on Solana network which got a lot of hype. As a result, Solana prices are about 40% up in last one week. Do you think this is good thing or bad thing for solana ? Just a meme coin causing this boost instead of some solid news like good partnerships or adoption in some company.

Yes this meme coin has super recharged Solona coin and now many Meme coins has been launched and giving free Airdrops to Solona Users. Solona coin was dying day by day and after Bonk coin launch and Airdrop to NFt holder Solona price back to 13$. Now it's looking so positive and we can see very soon 29$ in upcoming days if trend continues.

Certainly, this meme coin has created huge activity on Solana chain and created some hope for Solana investors that it is not going to die like FTX, but unfortunately the hype was short lived & is being dumped now (its price came down more than 50% from its ATH within few days). It is very difficult for any meme coin to win confidence of buyers in the absence of good use case. The team of Bonk should also announce roadmap, if they want to maintain interest of investors & trading activity in this coin.

lobo13hf

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Quote from: Slow death on January 06, 2023, 04:43:17 PM

the big question is: how far will this meme altcoin continue to rise in price?

unfortunately the pump didn't last long, after all it's meme coin where everyone are in line in cashing out their meme coin immediately whenever it hits certain price mark, I think even though this coin could somehow give us some fresh air towards current trend, doesn't mean it's gonna be revolutionary, the trend isn't changing, it's still the same bearish for solana until btc and eth make some meaningful trend changes.

WalkerIVIV

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rise in value is always welcomed, even if it's coming from fluctuative coins like meme coins but the thing is whether this increase could lasts long, as you can see the price for meme coin BONK right now is already decreasing a lot it has lost 50% of its price and might goes even lower, the rise was short lived so I think even if it could raise the price of solana quite high, it's just momentarily, therefore it seems like it isn't that impactful honestly.

Ziskinberg

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Quote from: DeathAngel on January 05, 2023, 12:50:27 PM

Solana has something doesn’t it. It’s still so cheap, it has suffered loads of FUD. The network even went down a few times but it’s still here swinging. It was touted as the ETH killer & who knows, it just will not lie down.

I definitely think it has potential to bring great profits in the next bull market & as I said it’s so cheap. Definitely a good idea to buy some & sit patiently for a couple of years. It definitely has another wild, parabolic cycle left in it.

It is easily get affected by FUDs because of manipulation. I was thinking before that Solana will be becoming big and conquer other projects but after a few months from its ATH, a continuous drop is what we have seen until it stabilized to its current prize. With the performance that Solana showed to us, I couldn't see the potential of this project, a meme coin can no longer be valuable in the long run and this is actually happening to all meme coins in the market. Therefore, we're not going to expect this project will turn bullish, the price increase we have seen is just hype, and it drop back again in awhile.

serjent05

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Quote from: krishnaverma on January 05, 2023, 01:58:24 AM

Recently a meme coin was launched on Solana network which got a lot of hype. As a result, Solana prices are about 40% up in last one week. Do you think this is good thing or bad thing for solana ? Just a meme coin causing this boost instead of some solid news like good partnerships or adoption in some company.

If it made the market price for Solana increase by 40% then I can say it is good for Solana, disregarding the possibility of investors getting rekt. On a serious note, anything that can contribute to Solana's market hype is a good thing, it is up to the Solana developer how to use this opportunity to further escalate the good news that will make more people hop into their project. This incident opened a window for Solana developers an opportunity to publish development on a high note. With this hype lurking around, any development publishing will give more boost to the hype.

Scripture

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Quote from: krishnaverma on January 05, 2023, 01:58:24 AM

Recently a meme coin was launched on Solana network which got a lot of hype. As a result, Solana prices are about 40% up in last one week. Do you think this is good thing or bad thing for solana ? Just a meme coin causing this boost instead of some solid news like good partnerships or adoption in some company.

That's a good pump, and too early to say that SOL is depending too much on that meme token. We should see this as a good progress since there are still project that wants to use SOL network and that can boost the trust again for SOL after the FUD. I don't think this is the end for SOL as they are still here in the market and trying to survive the issue over the FTX. If that meme token succeed, that's also a good success for SOL as they are able to introduce new good projects.

South Park

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Quote from: krishnaverma on January 05, 2023, 01:58:24 AM

Recently a meme coin was launched on Solana network which got a lot of hype. As a result, Solana prices are about 40% up in last one week. Do you think this is good thing or bad thing for solana ? Just a meme coin causing this boost instead of some solid news like good partnerships or adoption in some company.

I think about this as bad news, solana is supposed to be a serious coin and yet it can increase 40% in value in just a week because a meme coin got popular, but why this is bad news you may ask? Because just as it can easily go up in value it can go down as well, once the hype for that meme coin decreases then solana will go back to its original price, and there is chance it could go even lower than that as it is possible people will panic sell and the price could crash even harder than what we expect.

goaldigger

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Quote from: DeathAngel on January 05, 2023, 12:50:27 PM

Solana has something doesn’t it. It’s still so cheap, it has suffered loads of FUD. The network even went down a few times but it’s still here swinging. It was touted as the ETH killer & who knows, it just will not lie down.

I definitely think it has potential to bring great profits in the next bull market & as I said it’s so cheap. Definitely a good idea to buy some & sit patiently for a couple of years. It definitely has another wild, parabolic cycle left in it.

This is also my take about SOL though I don’t believe about replacing ETH but pumping in the next bull market are more possible to happen. With this new project under SOL, this can boost the blockchain of SOL again and probably those FUD will start to fade away. SOL should continue to work with more good projects, and for sure in the next bull run SOL will be on a better place, I’ll try to consider buying this now and have some holdings.

Johnyz

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Quote from: krishnaverma on January 05, 2023, 01:58:24 AM

Recently a meme coin was launched on Solana network which got a lot of hype. As a result, Solana prices are about 40% up in last one week. Do you think this is good thing or bad thing for solana ? Just a meme coin causing this boost instead of some solid news like good partnerships or adoption in some company.

Regards of the project, that can still be a good exposure for SOL and maybe this is the best time for SOL to bounce back and kill the FUD in connection with FTX. I didn’t see this meme token coming, and I missed that opportunity, if there’s another good hype for the meme token I guess it can start the bull trend and we should welcome it without a doubt.

Slow death

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the big question is: how far will this meme altcoin continue to rise in price? because the biggest problem with these big price increases is that people now might even be willing to buy at that price because they think that when they buy today, hours later more other people will buy and then more other people will buy and with that the price will be rising and then they sell at a high price and keep a profit, but then what? how is the altcoin of meme and solana? why will people jump to another meme altcoin that appears

and with that solana and that meme coin won't get attention and the price will drop a lot, it's not possible to be fine like that, a serious project shouldn't depend on that kind of thing, the price will go up but in a small and consistent way so which will not be a pump and dump scheme, it will be an altcoin that people can buy and be confident that they will not see a 40% drop in 7 days

eaLiTy

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Quote from: krishnaverma on January 05, 2023, 01:58:24 AM

Recently a meme coin was launched on Solana network which got a lot of hype. As a result, Solana prices are about 40% up in last one week. Do you think this is good thing or bad thing for solana ? Just a meme coin causing this boost instead of some solid news like good partnerships or adoption in some company.

BONK is making some waves in this market and the developers of the coin are making news worthy things daily and today they burned 5
5 trillions of coins (still 5% of the total coins Grin

)so that the hype will be maintained for a while. Getting new projects that might have a huge following is always good for Solana but if their network issues continue to haunt them then developers will think twice while building a project on them.

koang

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Quote from: DeathAngel on January 05, 2023, 12:50:27 PM

Solana has something doesn’t it. It’s still so cheap, it has suffered loads of FUD. The network even went down a few times but it’s still here swinging. It was touted as the ETH killer & who knows, it just will not lie down.

I definitely think it has potential to bring great profits in the next bull market & as I said it’s so cheap. Definitely a good idea to buy some & sit patiently for a couple of years. It definitely has another wild, parabolic cycle left in it.

It's not FUD if there's actual proof of the downtime, countless NFT rugs, Centralization, and FTX Involvement (Alameda)
But the collapse of FTX, Alameda, and other bad actors that propped up the chain could be good for the future and transparency.

While Solana might be great, it is most definitely not Ethereum

fullhdpixel

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Quote from: justdimin on January 05, 2023, 04:33:34 PM

Quote from: JeromeTash on January 05, 2023, 05:46:17 AM

Good thing is you know that it's all hype and hype isn't something that's long-lasting. Whether it's good for Solana or not does not really matter because we are still in a bear market. I sense some sort of pump and dump scheme going on and members who FOMO out to be very careful with this or else the pumpers and dumpers will profit from you leaving you holding bags of shitcoins.

People who are interested in this will end up with buying more, and it could all be because of a hype and doesn't mean it will drop neither. Maybe some rich whale saw it and liked it and bought some to store it aside as well, who knows? That's why it's much better if we could end up investing into SOl when we see it low, not when it jumps up this big, it just doesn2t make sense to do that.

I know it's not as simple as people make it out to be, it takes a while for it to be settling again back to where it was, or maybe it won't but I definitely disagree with anyone who wants to buy it now when it is high, should have done it two weeks ago when it was low and sell now when it's high.

I agree with jerome that hypes aren't long lasting. That won't change anymore even those hype seekers won't agree with it and insist to buy more. What they are doing is very risky and the only thing that they will get on this is not profits but losses. Whales are wise people so I don't think they will HODL a meme coin but SOL maybe as Solana isn't a meme coin.

The only thing that a whale can do to a meme coin is to manipulate it (buying and selling quickly). This is where they make their money the most. As a serious investor. No doubt that the best time to accumulate is when the price is dipping. We can still do it on other top cryptos because they haven't recovered yet.

Natalim

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Quote from: traderethereum on January 06, 2023, 05:15:03 AM

Maybe they want to pique the interest of investors by pumping in the meme coins launched on the Solana network and I guess that's normal because we've seen it happen a lot before too.
We must be aware of this because this is not a good or bad sign. After all, we also don't know how the project will go.
I also wouldn't think too much about whether the meme coin project would still be trending and would rather focus on bitcoin.
And if people still want to follow the meme coin project, they need to be very careful.

It hypes because of price manipulation. But I don't think this will still gain more attraction knowing that investors now had already learned from their mistakes from investing in projects with the same scheme before. Investing in meme coins is certainly not a good idea and I hope newbies will open their eyes and see the risk of investing in them. I'm not discouraging people from investing in altcoins but be sure we have done with the research and we have to stay away from new projects.

traderethereum

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Maybe they want to pique the interest of investors by pumping in the meme coins launched on the Solana network and I guess that's normal because we've seen it happen a lot before too.
We must be aware of this because this is not a good or bad sign. After all, we also don't know how the project will go.
I also wouldn't think too much about whether the meme coin project would still be trending and would rather focus on bitcoin.
And if people still want to follow the meme coin project, they need to be very careful.

o48o

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Quote from: BossTrack on January 05, 2023, 10:36:50 PM

If anything it's a sign the bottom is not in. We aren't -truly- in the bottom when shiz like this happens.

How many bottoms have you seen? Because i would like to know what are you basing this on... How this has anything to do with the bottom not being seen?
If some random token moons and people who got it by airdrop are getting wealthy, it imho only shows that investors are getting their confidence back if they are not instantly dumping it to markets..

BossTrack

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If anything it's a sign the bottom is not in. We aren't -truly- in the bottom when shiz like this happens.

shinratensei_

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It's always mind blowing when meme coin could have some massive increase very suddenly that it quite literally influence the value of the blockchain where the meme coin token is, usually such occurrence only possible with normal coin at the time of bullish but with meme coin it could quite literally goes against the trend just for fun, even though it seems this meme coin isn't sustaining for long term value but it's already good enough that in the middle of bearish added with the fact that there's economic crisis gonna come it could still increase more than thousands percents and could very well be continuing its bullish even further.

Topic: Meme coin caused Solana price to rise by 40% in a week - page 2. (Read 457 times)