PENGU and legacy memecoin BONK also rallied with the Solana memecoin market cap climbed to roughly $6.83 billion
Solana has recorded modest price gains in early January, trading near $139 with an upward movement of over 2.45% within 24 hours as of the time of writing, and this resurgence is not unrelated to the resurgence in memecoins hosted on the blockchain and beyond.
The hot start to 2026 has delivered a few winners already, including the viral Japanese-inspired 114514, NFT-linked PENGU, and veteran memecoin BONK, among others, such as FARTCOIN and WIF.
The rally has pushed the Solana meme market capitalization to $6.83 billion, representing a 1.3% increase in 24 hours, according to CoinGecko data.
Analytics shared by blockchain watcher Lookonchain show one wallet turning a small $321 investment in 114514 into more than $2.18 million over just 11 days, which is roughly a 6,800 times return during the token’s price ascent.
On-chain data show the token’s market capitalization went above $20 million at one point, with a 24-hour surge nearing 700%.
Alongside newer entrants such as 114514, more meme tokens that have been around for longer are also contributing to the buzz. One of the OGs staging a comeback rally is PENGU, the native token of the Pudgy Penguins brand.
According to CoinMarketCap price data, PENGU is now trading above $0.013, rising by over 8% in the past 24 hours as of the time of writing. It has gone up by over 45% in one week.
Originally rooted in a popular NFT project and community ethos, the token has benefited from renewed interest in both its token and underlying digital collectibles, with NFT sales volumes rising as traders seek exposure to cultural crypto assets.
Another high-flyer here is BONK, one of Solana’s original meme coins, which continues to command a large market capitalization, with CoinMarketCap listing its market cap above $1 billion.
The memecoin has risen by over 5% and has seen its price go up by over 57% in a week as of the time of writing.
BONK’s resurgence is supported by a vibrant community and the features it has integrated into its ecosystem, one of which is its memecoin launchpad, among others, putting it in the same space as the likes of Pump.fun.
As the memecoin rally continues to drag on, historical data tells a tale of caution, because the unpredictability that gave rise to its recent surge also features when there is a bear season or crash.
Strong rallies in speculative tokens like memecoins are often followed by sharp corrections as early investors take profits.
While SOL is benefiting from the rise, the token itself has not exactly seen the same meteoric rise as these meme tokens, but has shown relative strength compared with many major cryptocurrencies.
The early 2026 memecoin rally nonetheless still speaks to the continued appeal that high-risk, high-reward tokens still command within the cryptocurrency ecosystem, especially on chains like Solana.
