Solana (SOL) has recently experienced a round of price increases and has remained strong. With the launch of the new trading platform Backpack Exchange created by the former FTX team and the increase in airdrop projects in the Solana ecosystem, the meme coin sector of the Solana ecosystem has also gained a lot of liquidity attention.

Once "saved" Solana from the fire and water

The cryptocurrency trading platform Backpack Exchange announced the launch of Pyth Network (PYTH) and also launched a staking airdrop activity for PYTH. Users holding Mad Lad and those who have traded on Backpack Exchange will receive PYTH tokens based on their trading volume after staking at least 5 SOL tokens on Backpack Exchange for at least 24 hours, further boosting the popularity of the Solana ecosystem.

Prior to the PYTH airdrop, Backpack had already launched the SOL/USDC trading pair, with a trading volume of $2.1 billion at the time of writing.

Backpack homepage information; Image source: Backpack Exchange

In addition, on November 16, the Solana ecosystem trading aggregator Jupiter Exchange announced detailed information about the JUP community airdrop. The total supply of JUP is 10 billion, with 40% being distributed to the community through 4 rounds of airdrops. This round will distribute 10% (1 billion) to the 955,000 wallets that interacted directly with Jupiter before November 2. There will be further airdrops for new users, and the team expects to start another growth-oriented airdrop before the token is launched.

The hot launch of Backpack Exchange and the Jupiter airdrop have brought a new wave of attention and liquidity to the meme projects in the Solana ecosystem.

Earlier today, according to CoinGecko market information, the Solana ecosystem meme token BONK has seen a 54.1% increase in the past 24 hours, reaching a price of $0.00000473 at the time of writing, hitting a historic high. As BONK's price continues to rise, the community cannot help but ask, "What will happen to Bonk when liquidity flows out of Pyth?"

BONK is the first meme coin on Solana, and some users who did not participate in the last cryptocurrency market may still be unfamiliar with this name. The Bonk team began planning the project on December 9, 2022, and called on other projects in the Solana ecosystem to interact. On Christmas Day, December 25, Bonk conducted a large-scale airdrop for the Solana ecosystem.

According to the official statement from the Bonk team, their deployment is aimed at countering the "Alameda" token economy, where low circulation and high FDV tokens make it easier for them to manipulate prices, disrupting the market and causing heavy losses for most investors. We know that Solana suffered severe consequences after the FTX scandal, with the SOL price plummeting to below $10, experiencing severe liquidity crunch, and its ecosystem projects fleeing.

Bonk's appearance is to maintain the confidence of the Solana ecosystem and SOL holders, so it airdropped 50% of the tokens to NFT holders and developers on Solana to arouse the enthusiasm of Solana supporters.

Indeed, SOL's price has gained a "rebirth" while BONK's sentiment is high. At that time, in addition to the growth in SOL price, other projects in the Solana ecosystem also became active due to participating in the Bonk airdrop and integration, truly saving Solana from the fire and water.

As BONK's birth anniversary approaches, it has become active again. The community is comparing it to SHIB and speculating that BONK may be listed on mainstream trading platforms.

Can the new fire ignite the old one? The BONK team is working hard to answer this question.

Meme frenzy on Solana

In addition to BONK receiving enough attention, several other meme coins have landed in the Solana ecosystem since November.

MYRO

MYRO's Twitter bio is "The dog of the founder of Solana," with a strong sense of meme culture. MYRO is named after the pet of Solana founder @rajgokal. The MYRO team aims to bring more appeal to Solana through memes, increase on-chain trading volume for DEX, NFT, and tokens. They also donated $5,000 to the non-profit organization Dogs for Better Lives.

Many people believe that MYRO is the second largest meme coin on Solana and say that if "BONK is like DOGE, then MYRO is like SHIB." The rise in BONK's price has also boosted MYRO's price. According to Dex Screener data, it has seen a 92.8% increase in the past 24 hours, reaching a price of $0.01854169 at the time of writing.

RBT

It seems that meme coins on Solana like to anchor meme projects on Ethereum. RBT's official website bio is "ETH has PEPE, SOL has RIBBIT."

The total supply of RIBBIT is 420,000,000,000, and in this wave of Solana meme coin frenzy, RBT has seen an astonishing increase. According to Dex Screener data, it has seen a 372.8% increase in the past 24 hours, reaching a price of $0.00000824 at the time of writing.

TOLY

TOLY is a meme coin launched by Anatoly, co-founder of Solana Labs, claiming to be the dog walker on Solana and often interacting with the MYRO community. According to Dex Screener data, as of the time of writing, TOLY's all-time high price is $0.001217, with a 402.90% increase in the past 24 hours.

On May 8th of this year, after TOLY went live, it airdropped to 24 Solana ecosystem projects, claiming that its developers do not own TOLY, do not have minting permissions, and its official founder Anatoly stated that the project only has a Twitter account, but will build the TOLY brand in the future.

CATO

CATO is another meme coin on Solana, with the task channel open for missions at 23:00 on November 11th, Beijing time, and will continue until 8:00 on November 21st.

Similar to the airdrop tasks for most meme coins, CATO's airdrop tasks also include "following CATO's X account - liking, commenting, retweeting tweets - joining the corresponding TG group chat - submitting SOL wallet address." The actual airdrop for CATO will start after November 21st, with an airdrop quantity of 500,000 CATO.

According to Dex Screener data, CATO has seen a 12.7% increase in the past 24 hours, with a price of $0.00177220 at the time of writing.

PIKO

PIKO is also a meme coin on Solana, and it only released the whitelist form at noon on November 20th. At the time of writing, the addresses filled in the whitelist form account for 59% of the total. At the same time, PIKO stated that the airdrop activity will be launched next week.

According to the information released by PIKO, the total supply of PIKO is 10,000,000,000, with 30% for staking, 25% for liquidity, 15% for marketing, 10% for the team, and 20% for airdrops. In addition, PIKO trading will soon be available on Jupiter and Raydium.

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