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Solana-based meme coins led the charge as the crypto fear and greed index approached the greed zone of 60.
LandWolf (WOLF) and Moo Deng (MOODENG) were the best-performing tokens as they rose by over 112% and 56% on Sep. 27. WOLF has surged by over 390% from its lowest point this month, bringing its market cap to over $38 million.
Moo Deng has performed even better, skyrocketing by over 1,800% from the September low, pushing its valuation to nearly $200 million.
Other popular Solana (SOL) meme coins have also seen double-digit gains in the past few days. Notably, Popcat (POPCAT) surged, bringing its market cap to $1 billion for the first time.
Their performance coincides with improved sentiment in the crypto market. Bitcoin has jumped from its September low of $52,000 to over $65,000, while the crypto fear and greed index has risen from the fear zone of 34 to 56.
Meme coins often outperform large-cap coins like Bitcoin and Ethereum during bull runs due to their lower prices.
Additionally, data shows that Solana’s decentralized exchange volume has risen by over 32% to $6.3 billion in the last seven days. This volume was largely driven by decentralized exchange platforms like Raydium, Orca, Phoenix, and Lifinity.
Data from Solscan shows that many investors have purchased Moo Deng and LandWolf, which explains their rising daily volume. LandWolf has over 45,000 holders while Moo Deng has accumulated more than 20,000 holders.
One of Moo Deng’s holders was highlighted by LookOnChain, which noted that the trader had converted $1,331 into $3.4 million within 15 days. Another trader bought the token when its market cap was at $70,000, making a profit of almost $392,000. Such statements often lead to fear of missing out, triggering parabolic price moves.
Additionally, Ki Young Ju, the CEO of CryptoQuant, noted that cryptocurrencies were soaring due to the anticipated release of Changpeng Zhao, the founder of Binance.
Other catalysts for LandWolf, Moo Deng, and other cryptocurrencies include Federal Reserve interest rate cuts and massive stimulus measures by the Chinese government.
This article first appeared at crypto.news
