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

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.

Image via Shutterstock