This year, meme coins came to the fore, especially on Solana, but in recent times, there have been significant losses in these coins. Dogwifhat and BONK lost value by 15% and 14.8%, respectively. These losses correspond to a 30% decrease for both tokens on a weekly basis. Other meme coins, BOME and SLERF, dropped by 9% and 18.1% on a daily basis, while the weekly losses were 36.5% and 16.8% respectively.
Bad Situation in Favorite Coins
Favorite coins in the market such as BODEN and WEN also experienced significant losses. BODEN fell by 32.8% in the last 24 hours and experienced a 38% loss weekly. The cat-themed WEN was shaken with 21% daily and 40% weekly losses. In contrast, a 57% increase in MEW coin was observed weekly.
General Market and Future Expectations
These losses in meme coins continue in parallel with the general market. The decline in Bitcoin prices from $70,000 to $62,000 has led to a limitation of peaks in the cryptocurrency market. Meanwhile, the rise of Solana in the first quarter of 2024 has led to significant entries in meme coins as well.
Useful Information
The rapid rises and falls in meme coins indicate the volatility risk for investors.
The significant fluctuations in popular coins like BODEN and WEN reveal the rapidly changing market trends.
The positive performance of MEW coin emphasizes the importance of diversification by showing that all meme coins do not follow the same trend.
Bitcoin and general crypto market trends can directly impact the meme coin market.
Ultimately, the movement in Solana-based meme coins could change the direction of the wider cryptocurrency market. Market analysts forecast that prices could rise again with the resurgence of the general market.
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