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Why Solana Meme Coins Razed Down The Most On April 2 – Crypto News

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1 year ago

April 2, 2024

Dripp

Amid the volatile start to the week, Solana-based meme coins have suffered immensely, collectively posting losses of more than 11%, according to market data by CoinGecko.

Leading tokens like BONK and POPCAT plummeted in double-digits of 10% and 18%, restively not to mention the likes of MYRO and SLERF which are still languishing in extreme selling pressure.

These noticeable losses follow Bitcoin’s pullback from areas above $70,000. The largest cryptocurrency has sustained a downtrend in the last 24 hours to trade at $65,430 during US business hours on Tuesday, thanks to support at $65,000.

What’s Next For Solana Meme Coins?

Leading dog-themed meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) also faced turbulence in the market, falling by a modest 7.6% and 6.7% in the last 24 hours.

As for Solana-based meme coins, the next 12 to 24 hours will be important because investors might choose to continue to double down on the selling activities or by the dip while anticipating an immediate or short-term recovery.

If the former activity takes precedence and the selling pressure intensifies, market participants can acclimatize to more losses this week. On the other hand, losses could soon turn into profits if investors decide to dollar cost average (DCA) into the meme coins, to capitalize on potential price increases in April especially with the Bitcoin halving around the corner.

Dogwifhat (WIF), the largest meme coin in the Solana ecosystem, is still up 25% in seven days. After a more than 13% correction on Monday and Tuesday, traders were quick to buy the dip, significantly shrinking the correction to only 2.8% in 24 hours.

WIF stands at $3.9 at the time of writing and boasts a 14% rise in the trading volume to $895 million, underscoring the growing interest in the meme coin sector.

solana meme coins dogwifhat — Dogwifhat price chart

Unlike dogwifhat, BONK, the second-largest meme coin on top of a 12% dive in the last week, dropped by another 9.2% in 24 hours to hover at $0.00002292.

The BOOK OF MEME (BOME) is shaping the bullish outlook in the ecosystem, extending its 20% seven-day winning streak to $0.01678. This token remains relatively unchanged at 0.8% in the last 24 hours.

Cat in a dogs world (MEW) emerges as the leading Solana meme coin, with a staggering 143% rise in seven days, a 28% uptick in 24 hours, and a 10% surge on the day to $0.007.

Meme coins like MYRO, POCAT, SLERF, and BODEN are some of the most impacted by the recent downfall in prices, posting 20%, 20% 15%, and 18% declines, respectively on the day as seen on CoinGecko.

Before zeroing in on the meme coin dips, investors may want to consider Bitcoin’s price action. As discussed earlier, losing support at $65,000 may ignite another sell-off round to $64,000 and $62,000 ahead of the halving.

On the contrary, recovery from the same level may see BTC top the old all-time high at $69,000 thus spreading bullish sentiment across the market, especially among Solana-based memes.