Solana-based Meme Cryptocurrencies Hit Hard by Crypto Plunge: Vladislav Sopov
The recent cryptocurrency market plunge has hit meme coins on Solana particularly hard, with some of the main coins in this segment losing a quarter of their value overnight. The Solana-based meme coin ecosystem saw a significant drop in capitalization, with losses totaling $1.5 billion.
Among the most affected Solana meme coins are Cat in a Dogs World (MEW), Myro (MYRO), Dogwifhat (WIF), and Bonk (BONK), with prices dropping by 29%, 24%, and double-digit percentages, respectively. This downturn in the meme coin market comes as almost all of the top 100 cryptocurrencies are experiencing significant losses.
While meme coins on Solana are suffering, centralized exchanges’ coins and native currencies of major Layer 1 blockchains remain relatively strong amid the market bloodbath. The overall cryptocurrency market capitalization has dropped by 4.7%, with Bitcoin and Ethereum losing 3% and 6%, respectively.
The ongoing crypto plunge is attributed to various factors, including U.S. macroeconomic uncertainty and tensions in the Middle East. Despite the challenges faced by meme coins and other altcoins, the resilience of Layer 1 blockchains and centralized exchanges provides some stability in the volatile market.
As investors navigate the turbulent waters of the cryptocurrency market, the impact of the recent downturn on meme coins serves as a reminder of the risks and uncertainties inherent in the digital asset space.
