‘Bitcoin on Solana’ Shoots Up 4,000% But Experts Say It’s a Scam – Here’s a Better Alternative
The Solana meme coin market has recently seen a dramatic surge, with the ‘Bitcoin on SOL’ spinoff token skyrocketing by over 4,000%. However, with several cryptocurrency experts deeming the project a scam, it’s important to explore some alternatives.
This article will provide an analysis of BTC’s current price trends and look to see whether a newer meme coin, SMOG, represents a more promising investment opportunity at this time.
Community sentiment remains positive about the future prospects of Bitcoin on Solana. Indeed, last year saw numerous Bitcoin spin-offs unlock sensational success with BITCOIN mounting huge gains on the Ethereum blockchain.
As price action consolidates, Bitcoin on Solana is currently trading at a market price of $0.008065 (representing a 24-hour change of +338%).
This comes after a slow launch, which saw the sensational run was ignited in BTC’s 15th hour of trading, that saw price hammer up more than 1,000% over two-hours.
With the stage set for dramatic growth, the big move lured in more than 750 investors, fuelling the Bitcoin on Solana price rally an additional 300% to hit an all-time high of $0.025.
Yet, early-backers sat atop huge gains in excess of +10,500% triggered a major sell-off at 21:00 UTC, sending Bitcoin on Solana price tumbling south.
Retracement moves saw BTC bleed-0ut -80% of its new gains, however, holders have mounted a well-defended consolidation above $0.005 – leaving BTC primed for a second-leg.
This seems likely as buy-pressure clings onto dominance over price action – representing 53% of transactions over the past hour.
However, cause for concern is emerging from Bitcoin on Solana’s miniscule liquidity pool – which stands at $26k – just 16% of BTC’s $155k market cap.
Worse still,
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