Especially this year, meme coins, especially on Solana, have come to the forefront, but in recent days, these coins have experienced significant declines. Dogwifhat and BONK lost %15 and %14.8, respectively. These declines correspond to a 30% decrease for each token on a weekly basis. Other meme coins BOME and SLERF saw daily declines of %9 and %18.1, respectively, while weekly declines were 36.5% and 16.8%.
Bad Condition in Favorite Coins
Favorite coins in the market, such as BODEN and WEN, also suffered significant losses. BODEN fell by 32.8% in the last 24 hours and experienced a 38% loss weekly. WEN, themed after cats, shook with 21% daily and 40% weekly losses. In contrast, MEW coin saw a 57% increase weekly.
General Market and Future Expectations
These declines in meme coins continue in parallel with the overall market. The decrease in Bitcoin prices from $70,000 to $62,000 has limited the peaks in the cryptocurrency market. The rise of Solana has led to significant entry into the meme coins during the first quarter of 2024.
Useful Information
The rapid rises and falls in meme coins show the volatility risk for investors.
Large declines in popular coins like BODEN and WEN highlight the rapid changes in market trends.
The positive performance of MEW coin emphasizes the importance of diversification by showing that not all meme coins follow the same trend.
Bitcoin and general crypto market trends can directly affect the meme coin market.
In conclusion, the movement in meme coins on Solana could change the direction of the wider cryptocurrency market. Market analysts predict that prices could rise again with a recovery in the general market.
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