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This year’s pioneering bull rally perhaps found its real star. Indeed, it wouldn’t be wrong to say stars. Meme coins on the Solana network completely took over the market for a short time, led by Solana. However, due to macroeconomic factors and high volatility, the process seems to have reversed somewhat. So, what is the current situation with Solana’s meme coins?
Solana Meme Coins Declining
In the days following the declines, meme coins such as Dogwifhat and BONK saw significant drops of 15% and 14.8%, respectively.
These declines have raised the weekly losses for both tokens to over 30%. Additionally, daily declines of 9% and 18.1% for BOME and SLERF, respectively, brought about weekly declines of 36.5% and 16.8%.
Things did not seem to be going well for the community’s recent favorites BODEN and WEN either.
With increasing exits observed in meme coins, BODEN experienced a 32.8% drop in the last 24 hours, while it lost 38% weekly. The cat-themed meme coin WEN faced 21% daily losses and 40% weekly exits.
However, things were a bit different for MEW. MEW continued to trade in the positive territory with an 11% increase this month, and weekly entries occurred at a rate of 57%.
Current State of Meme Coins
Massive exits in the market more clearly reflect the negative outlook for meme coins.
The bearish market outlook parallels geopolitical events that have also affected stocks. Liquidations seen in Bitcoin and other cryptocurrencies have also contributed to the slowdown in meme coins.
During this period, Bitcoin fell from $70,000 to $62,000, limiting the peaks of projects.
Meme coins on the Solana network saw significant entries during the first quarter of 2024, introducing a new phenomenon to the world of cryptocurrency.
However, as of today, it appears that most of the gains have reversed. Many analysts predict that prices could rise again depending on the broader market’s upward movement.
