Meme Tokens Frenzy - Dead Cat Bounce
The Solana ecosystem of recent has been buzzing, several projects which subsequently launched have some incentives distributed to their various communities. Jito rewards, an exchange which launched within the ecosystem rewards its community members and active users some $$$. Jito is known in the ecosystem as a Decentralized Exchange, the ecosystem has also been bubbling with Meme Tokens with the likes of $bonk and other meme projects which hasn’t made it to the public eye yet.
Meme tokens/projects became noticeable a few years bull run back, with the likes of dogecoin making the chats having a better performance than other meme tokens within its class. Good publicity got the attention of tech giant Elon Musk which further pushed it and created real-time use cases for the meme (doge) project.
Within the Solana ecosystem there is a meme token which has the same similarities and looking at the daily market chart an analyst says that - [BONK](https://x.com/altcoinsherpa/status/1740370025184129517?s=46): some sort of dead cat bounce coming I think. When this happens, I’m guessing other SOL memes have some sort of mini-run as well; those will be good times to get out of your bags during that time. I do believe that BONK will have another strong run but it could take a bit and will need more time for accumulation to build a base. Eyeing this one for now.
“BONK: a bit more on this one that I should have highlighted on the last post: this one will eventually hit a +50% (or more) move. I don’t know where or when this will happen, but usually, these types of coins will have some sort of lower high. See PEPE earlier this year…
This probably will be a good time to get out of BONK plus some of the other Solana meme coins. When BONK has a dead cat bounce, the others will inevitably follow but ultimately be lower highs. Hold at your peril. Will this have a huge run in 2024? Probably. But I think it needs time to cool. Remember, we’re playing the attention game, and this is all based on overall rotations and which coin is on everyone’s mind (for now).”
