While Bitcoin, Ethereum, Shiba Inu Witness A Meltdown, This Solana-Based Memecoin Has Surged 147% In Last Week

In defiance of the market’s downturn, a memecoin built on the Solana blockchain, Billy BILLY/USD, has experienced a significant surge, with its value increasing by nearly 147% in the last week.

What Happened: The value of Billy, a memecoin with a dog theme, has surged by nearly 147% in the last week, reaching $0.182. This surge in value comes after several cryptocurrency exchanges, including Bittrue, Bitget, MEXC, and Gate.io, added support for the coin, reported The Daily Hodl.

Billy, which was launched in June, features a puppy image and has outperformed other popular meme coins during the current market consolidation phase, which has led to significant declines across the board, the report noted.

Despite the market’s downturn, Billy’s market cap is currently at $181.8 million, with a 24-hour trading volume of $55.3 million, according to data from CoinMarketCap.

Why It Matters: Despite their often whimsical nature, meme coins have been gaining traction and demonstrating significant market resilience.

Other dog-theme assets such as Shiba Inu SHIB/USD and Dogecoin DOGE/USD are trading at $0.00001538 and $0.1081 respectively as of the time of writing this article.

Other top-tier cryptocurrencies like Bitcoin BTC/USD and Ethereum ETH/USD have come under selling pressure over the past week – while Bitcoin has fallen over 7%, Ethereum declined by over 11%.

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Photo courtesy: @billydogsolana

This story was generated using Benzinga Neuro and edited by Anan Ashraf.