Top tokens in the Solana ecosystem continued their bullish trend this week as sentiment in the crypto industry improved.
Solana (SOL) price jumped for four straight days, reaching a high of $155, its highest level since March 3. It has jumped by over 60% from the lowest level this year.
This rally, along with the recent surge in Fartcoin (FARTCOIN), has triggered a significant rebound in tokens within the Solana ecosystem. Dogwifhat (WIF) rose to $0.6595, up by 103% from its lowest level this year.
Jupiter (JUP), the second-biggest decentralized perpetual futures exchange, rose to $0.50, while Zerebrol (ZEREBRO) is up by 240% in the last seven days. Popcat (POPCAT) has risen by 87% in the same period.
Other top meme coins in the Solana ecosystem have surged, pushing their total market cap to $10 billion.
Why Dogwifhat, Popcat, Zerebro, and Popcat have surged
These tokens have surged due to the ongoing recovery in the crypto and stock markets. Bitcoin, which sets the tone in the crypto market, crossed the crucial resistance level at $95,000 for the first time in over a month. Additionally, the market capitalization of all coins surpassed $3 trillion.
The stock market is also doing well. After falling to $36,500 earlier this month, the Dow Jones Index has recovered to $40,000, while the tech-heavy Nasdaq 100 index has jumped from $16,550 to $19,200.
These assets have spiked after Donald Trump said that he would not dismiss Federal Reserve Chair Jerome Powell, a move that would have been unprecedented. Trump also showed openness to reaching a trade agreement with China.
Solana meme coins have also surged in value due to Fartcoin’s performance. After falling to a low of $0.2015 in March, the coin has surged by 455% to nearly $ 1.20. As such, crypto investors have moved to other similar coins hoping for such big moves.
The risk, however, is that the ongoing Jupiter, Dogwifhat, Virtuals, and Popcat rally is a dead cat bounce. A dead cat bounce is a brief rally that happens when an asset is in a downward trend.
