PONKE – Can this Solana-based memecoin hit a market cap of $1 billion next?

• PONKE’s market bulls did well in October, delivering the most-significant price recovery since its July-August pullback
• PONKE might be the next Solana-based memecoin to hit a jackpot

Solana-based PONKE, one of the fastest growing memecoins of 2024, has concluded October with an 80% upside. As expected, the memecoin’s impressive performance has renewed hopes that its marketcap could soon hit $1 billion.

PONKE has so far secured a spot among the best-performing Solana memecoins of 2024. This monkey-themed memecoin rallied by more than 8,500% from its lowest price level since it started trading publicly.

PONKE was trading as low as $0.0093 in December 2023, but it eventually managed to adopt a parabolic price. The memecoin maintained this trajectory up until June when it peaked at $0.71. This historic performance highlighted strong demand and long-term bullish optimism among the PONKE community. Something that arguably paid off.

Source: TradingView

Heavy liquidity outflows have taken place since then, yielding into a 70% pullback from its ATH. However, this was a naturally expected outcome since the price entered its first parabolic move. This retracement bottomed out on 6 September.

PONKE has since embarked on a recovery and its performance in October built into that trajectory. At the time of writing, the memecoin was valued at $0.512, courtesy of a 91% uptick from its lowest price level in October.

Despite this performance, however, its RSI soared to 66.41 – A sign that it cannot be considered overbought yet. According to its price chart, the next major resistance level will likely be around $0.66.

How close is PONKE to a $1 billion marketcap?

The team behind the popular memecoin recently launched a decentralized exchange called PonkeSwap. Recent reports have also revealed that the amount of PONKE staked to provide liquidity in the DEX soared to 16.04 million tokens.

Here, it’s worth pointing out that the amount staked was roughly 2.88% of the memecoin’s circulating supply. While this may not necessarily push the price floor up by a large margin, it underlined the optimism underpinning PONKE’s latest price action.

Its bullish optimism and focus on long-term gains has so far aided PONKE’s upside. Its rapid recovery from September’s lows confirmed that those sentiments are still in play and thus, PONKE’s marketcap will likely continue to soar.

PONKE had a $278 million marketcap at press time – More than double its marketcap at its lowest level in September. This could mean that PONKE is well-positioned now to leverage liquidity flooding back into the market over the next few months.