Market Turmoil Hits Solana Meme Coins 😥
If you’ve been keeping an eye on the crypto market, you may have noticed that Solana, the fifth-largest cryptocurrency by market cap, is facing challenging times this year. The past 24 hours have seen a significant 8% drop in Solana’s value, according to CoinGecko, and its meme coin market is feeling the impact even more.
Solana Struggles Amid Market Downturn 😞
Despite the overall market downturn, with Bitcoin down 2.7% and Ethereum 4.2%, Solana (SOL) is taking one of the biggest hits among the top 10 cryptocurrencies. It has plummeted by 8.2% to $168, based on CoinGecko data. This has led to significant losses for Solana meme coins as well.
Major Losers in the Solana Meme Coin Market 😓
– The larger Neiro (NEIRO) token on Solana has dropped by almost 44%, reaching $0.01821.
– Another token named Neiro (NEIRO), launched prior to Neiro (NEIRO), has seen a massive 75.2% increase.
– Pump.fun favorites Billy (BILLY) and Michi (MICHI) have faced losses of 26.4% and 24.5%, respectively.
– Dogwifhat (WIF), the largest meme coin on Solana, has also experienced a 12.4% decrease.
– Bonk (BONK), the second-largest Solana meme coin, has taken a hit of 9.1%.
Out of the top 50 Solana meme coins by market cap, only four tokens have shown positive growth, with Zoomer (ZOOMER) leading the way at a 41.1% increase.
Caution in the Meme Coin Market 🧐
– Meme coins are considered high-risk assets and can see significant losses during market downturns.
– Tokens like Brainlet (BRAINLET), Michi (MICHI), Mini (MINI), and Shark Cat (SC) have experienced worse losses than many top 100 cryptocurrencies by market capitalization within the past 24 hours.
When it comes to meme coins, volatility is a norm, and tough times can bring even more challenges.
Hot Take: Stay Informed, Stay Cautious 🚨
If you’re considering investments in meme coins, remember to proceed with caution and stay informed about market trends and developments.
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