Ever since Ethereum (ETH) first hosted the legacy memecoin– Dogecoin, more than a decade ago, there have been a lot of changes and alterations to the fundamental concepts of memecoins. In the most recent development, a new Solana-based memecoin, ChowWow ($CHOW), is integrating both Play-to-Earn and Stake-to-Earn models into its unified ecosystem.
While this essentially ensures that the meme coin project can last the test of time, it also changes the long-existing narrative that meme coins only thrive on hype and sensationalism. Additionally, considering that it is hosted on a more sophisticated blockchain, ChowWow boasts faster transaction speeds and cheaper fees than traditional Ethereum-based Meme Coins.
ChowWow Sets New Standard for Traditional Memecoins
One of the most exciting aspects of this project is the fact that it is rewriting the existing memecoin narrative. To begin with, ChowWow ($CHOW) is designed to be self-sustaining, a move that was achieved with the integration of both the Play-to-Earn and Stake-to-Earn models. This also implies that, beyond hype, the ChowWow memecoin can thrive solely on community engagements that present lucrative opportunities for all.
Aside from this, the ChowWow project also has a unique narrative that sets it apart from its peers. Notably, the meme coin was inspired by the popular Chow Chow dog breed, which is known for its majestic, beautiful, loyal, strong, low maintenance, independent, and extreme intelligence. As such, the ChowWow ecosystem embodies these traits as it strives to stand the test of time.
Furthermore, unlike most existing memecoins, ChowWow allocates a substantial amount of its token supply (up to 75%) towards the presale. Not only does this highlight its effort to prioritize its users from the start, but it also presents a unique opportunity for early backers, especially now that the native CHOW token is selling at a modest price of $0.008 in the initial presale phase. Meanwhile, considering the growing interest in the project, the native CHOW coin is deemed to be the next 100X memecoin.
Ethereum Price Chart Exhibits Potential for Bullish Reversal
After sliding below the $3,000 price mark earlier in the month to trade at a monthly low of around $2,460, Ethereum (ETH) price is picking up bullish momentum once again. In the past week, ETH price has surged by nearly 2% to about $2,645 from a weekly entry price of around $2,592.
This modest recovery puts an end to the progressive decline in ETH’s monthly price trajectory. Although the ETH price has still been down by roughly 18% in the past month, the recent price surge has served as a major boost in investor confidence and may signal a potential turnaround for the top altcoin. Likewise, the current price range also marks a significant support level, which, if it holds, could push Ethereum’s price back to the level above $3,000.
Meanwhile, a closer look at Ethereum’s technical analysis, including the 4H timeframe, suggests that ETH price is forming a falling wedge pattern, which typically indicates a prospective bullish reversal. However, both the token’s Relative Strength Index (RSI) and Moving Averages point at a strong sell, which calls for extra caution, especially for buyers.
Solana Token Regains Bullish Momentum, Trades Above $200
Similar to Ethereum, Solana (SOL) has also regained bullish momentum in the past week, surging over 5% from a weekly entry price of $194 to currently trade around $205. This noticeable price surge in SOL price has also contributed significantly to the over 10% price gain in the past month.
Although the Solana price is still 30% down from its recently registered all-time high of $294, the top altcoin still maintains a generally bullish outlook. Notably, SOL price still holds on to about 90% price gain in the past year, which demonstrates exceptional performance even amidst a broader market downturn.
However, it is hard to tell if the current moment can be sustained, considering that the SOL token’s technical analysis, particularly the Relative Strength Index (RSI) points at a neutral sentiment. Meanwhile, Solana has continued to enjoy growing community support, with 85% of over 326K CMC community members voting in favor of a bullish trajectory.
Can Solana-Based ChowWow Outpace Ethereum Memecoins?
In addition to its exposure to the Solana blockchain, which already guarantees faster transaction speeds and cheaper fees than traditional Ethereum-based Meme Coins, ChowWow is also setting a new standard for meme coin utility. By prioritizing utility over hype, ChowWow holds a strong potential to become a market leader, potentially rendering many existing Ethereum meme coins obsolete.
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