A new canine-themed cryptocurrency named Dogecoin has made a leap in value on the Solana (CRYPTO: SOL) network, skyrocketing by 9,400% in just a single day.

What Happened: Data from dextools shows that Dogecoin doppelganger’s total market capitalization stands at $160,690, with liquidity reaching $24,600 and a 24-hour trading volume of $5.15 million. At the time of reporting, the trading price was at $0.00015.

It should be noted that DOGE on the SOL blockchain is not affiliated with the original Dogecoin (CRYPTO: DOGE).

Meme coins, which often experience sharp price swings, have gone through tremendous ups and downs during their typically short-lived moments in the spotlight. 

This meme coin comes as several viral tokens on the Solana network have surged by up to 80%. 

See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals

Why It Matters: The allure around Solana has also been influenced by Solana Mobile’s announcement of the “Two” phone, expected to be released in 2025 and retailing at $450. There’s market speculation that purchasers of this new phone might receive special airdrops and access to Solana-based applications, reminiscent of the $650 airdrop offered to owners of the Saga phone last year.

Solana’s significant surge of 71.9% in December has led it to be dubbed as a major “Ethereum (CRYPTO: ETH) killer” of this cycle. This rally ignited a flurry of activity within the Solana ecosystem, including the inclusion of the meme token Bonk on major exchanges like Binance and Coinbase, and it became a rival to Dogecoin and Shiba Inu. 

The cryptocurrency in question, Dogecoin made on SOL, has shown substantial market activity. However, potential investors should be aware that the liquidity of this coin is relatively low at $24,600. Low liquidity in the market indicates fewer buyers and sellers, which can lead to more volatile price movements and may pose challenges when attempting to enter or exit positions.

Read Next: Here’s How Much You Should Invest In Shiba Inu Today For A $1M Payday If SHIB Hits 1 Cent?

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