Within the last 24 hours, Powsche joined the ranks of a memecoin market, which has become the latest craze of cryptocurrency investors worldwide. The memecoin launched on Solana which is intensely rivaling Ethereum to be the predominant blockchain for new Dapps and coins.
In the past month alone, we have seen a wave of memecoin projects outperform the market. Mainstream memecoins like Doge, Pepe, and Shiba Inu have all outperformed Bitcoin by significant margins.
However, these coins only represent the major memecoins at the forefront of the market. More astute investors are going on-chain to seek out new projects with the potential to evolve to rank among the mid-cap and large-cap memecoins.
Coins like Powsche, Peng, and Slerf are all memecoins that are currently available on Raydium, a Solana-based decentralized exchange. For these projects, investors interact with a liquidity pool on Raydium to buy and sell their tokens.
Centralized Exchange Listings Hold Key to Long-term Memecoin Success
If these coins hope to rank among the major memecoins, the roadmap would be for them to eventually get listed on centralized exchanges where they become available to a wider pool of capital. While these projects are still in their early stages, it is not impossible for them to get listed on major exchanges.
Peng has already been listed on a couple of centralized exchanges, namely MEXC and Bitget, with ambitions for many more. Powsche and Slerf both have strong communities and teams behind them and also have ambitions of securing centralized exchange listings.
If these projects can really build momentum, they would hope to follow the trajectory of a project like the Book of Meme. While this memecoin was initially only available on-chain through a Raydium liquidity pool, it went on to secure major centralized exchange listings such as Gate.io, Bybit, KuCoin.
This propelled the project’s market cap to an all-time high of almost $1.5 billion, ranking it among the unicorn memecoin projects. However, such success stories start with humble origins. As it stands, Powsche has only launched in the past 24 hours amid bullish market conditions. As expected, the price underwent some natural volatility and price discovery, but it has been gaining steady traction in recent hours.
After BTC increased 32% over the past month, some Bitcoin investors may be thinking “Wen Lambo.” However, these early on-chain Powsche investors are optimistic that they will be asking “Wen Porsche.”
