Traders Hedge Solana Meme Coin Bets With Ethereum Meme KAI Cat
With its base layer tokens and meme coins outpacing Ethereum ($ETH) so far for the year, Solana ($SOL) has been doing great. That could mean the younger Ethereum rival will outperform for all of 2024, but it may be Ethereum memes next as the cycle turns and the pendulum swings back to the leading DeFi blockchain.
DogWifHat ($WIF) is an SPL token (Solana Program Library) that launched on Nov. 20, 2023. Since the start of the year, its tokens have gained 827% in value. So every dollar invested in these very popular Solana meme coins on Jan. 1 is now worth nine dollars on crypto exchanges around the world. Another coin with similar potential is Ethereum Kai Cat ($KAI).
Pronounced “Kay Eye Cat,” and optimized for use by AI on the blockchain, Kai Cat is an Ethereum ERC20 token in its presale phase. Because it is in presale, the coin’s price isn’t fluctuating up and down, and altcoin crypto investors can get into the token supply before it is listed on exchanges with the potential to multiply in value.
As you can see from the TradingView chart above, on the year-to-date view, WIF has outpaced Ethereum’s Shiba Inu coin ($SHIB) so far in 2024. But don’t forget that Bonk ($BONK), which is trailing behind SHIB for the year so far (106% to 159%) was the top crypto gainer for 2023, with an astounding 7,000% price return in 12 months, according to data from CoinGecko.
Bonk is another Solana dog meme coin, and after flying so high last year, it’s taking some time to cool and consolidate its gains. It could be the same story for WIF sometime later. If so, altcoin investors looking to diversify their portfolios with some Ethereum meme coins to hedge Solana’s growth this year in case Ethereum pulls ahead, may want to take a look at Kai Cat.
