Solana surges 4% as meme coins and altcoins rise

At this time, news broke that President Joe Biden had announced that he would give up his re-election, which he announced on Twitter.

The announcement brings clarity to the political outlook and boosts investor confidence. Altcoins have benefited as well, with Solana (SOL) emerging as the front-runner with a price increase of 4.2% and currently trading at $179.61.

The rise is partly attributed to increased trading volume in political meme coins following Biden’s exit from the race. Solana meme coin Dogwifhat (WIF) is up 10% and is currently trading at $2.80, up 57% from a week ago.

Elsewhere, Avalanche (AVAX) gained 11.3% to $32.25, while Dogecoin (DOGE) gained 5.2% to $0.1379. The total altcoin market cap has now reached $1.34 trillion.

While Bitcoin and Ethereum (ETH) continue to dominate, several altcoins have shown significant growth. Litecoin (LTC) is up 80% year-over-year, Tron (TRX) is surging 202%, and Binance Coin (BNB) is up 129%.

Despite this, institutional participation in altcoins remains low, with the top five alternative cryptocurrencies accounting for just 5.4% of total trading volume. This means that there is still a lot of room for altcoins to grow as institutional investor confidence increases.

Increased US dollar liquidity, interest rate cuts by the Federal Reserve, and the launch of Bitcoin and Ethereum spot ETFs have combined to drive positive sentiment in the market.

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