Solana Memecoin Round-up | May 18, 2024
Below is a list of memecoins we currently like on along with the reasoning for each. Keep in mind memecoins are volatile, high-risk investments that can regularly experience 70% - 90% drawdowns. It’s best to keep position sizing relatively small in comparison to higher conviction positions.
$GME (8wXtPeU6557ETkp9WHFY1n1EcU6NxDvbAggHGsMYiHsB) - The $GME memecoin on Solana should act as beta on the $GME stock. We believe it is likely the $GME stock short-squeeze saga is just beginning and there is still a lot of volatility ahead for the stock, which should translate to the $GME memecoin having multiple runs.
$AMC (9jaZhJM6nMHTo4hY9DGabQ1HNuUWhJtm7js1fmKMVpkN) - Same reasoning as $GME, just trading at a much lower market cap (<$5M).
$AABL (ENoD8J2J6wNHkcJkvVBkwq5JMiR1oNBfBZRkoHCQogyT) - $AABL is the memecoin version of Apple stock. Should the $GME and $AMC memecoins rally, the memecoin stock meta may be established, within which $AABL is a top contender. It reached an all time high of $55M market cap before falling 95% and has recently started breaking out after $GME and $AMC. $AABL has a very active twitter presence with regular posts of professionally done graphics. It has also partnered with a variety of Solana ecosystem projects.
$HARAMBE (Fch1oixTPri8zxBnmdCEADoJW2toyFHxqDZacQkwdvSP) - Harambe is a well-known gorilla based meme that has come back to trade a a $50M market cap after multiple large draw-downs. Harambe’s is a well-known internet meme that is widely recognizable by the average person. Meanwhile, there are a lot of memecoins that trade a 3-5x the valuation of HARAMBE that the average person outside of crypto would never recognize.
$HABIBI (864YJRb3JAVARC4FNuDtPKFxdEsYRbB39Nwxkzudxy46) - Habibi is the arabic word for “my love”. It is targeted towards the middle-eastern audience that is strongly represented within the crypto space. $HABIBI was recently taken over by the formerly second biggest FTX volume trader who now market makes on Binance. He has supposedly put significant amounts of his own money into the project to acquire ownership of the project, a portion of the supply, the @habibi twitter handle, and the habibi.xyz domain. We have also heard he lives next door to one of the largest Bybit equity investors.
$BODEN (3psH1Mj1f7yUfaD5gh6Zj7epE8hhrMkMETgv5TshQA4o) - BODEN is the leading Solana political memecoin. We like $TRUMP much better as a memecoin trade as we believe there is still a strong chance Biden will drop out of the 2024 race which would be detrimental to the BODEN memecoin. That said, there is supposed to be debate between Biden and Trump in late June that could lead to some speculation on both TRUMP and BODEN. At 60% off it’s all time high, we think it’s a decent risk/reward trade.
$SCUTT (6JeLfdXNHbzspiYeYC4EjqHv1yQkStkX6yPj4XTbFWp9) - SCUTT is the Boden equivalent for Tim Scott, a favorite to win the Trump VP nomination. This is extraordinarily speculative, but at under a <$1M market cap, it may be worth grabbing some just in case the VP pick is Tim Scott. Obviously this will crash to 0 if the VP pick is not Tim Scott. If Tim Scott is the VP pick than there is significant upside potential from here.