The market value of most meme coins on prominent blockchains, including those in the top 100 cryptocurrencies, has significantly decreased. For instance, the ecosystem surrounding Solana’s meme coins was negatively impacted, with some experiencing a 25% loss in value overnight.
Solana (SOL) meme coins in red; MEW, MYRO, BONK affected
Yesterday, the group of meme coins built on the Solana blockchain took the brunt of the crypto market downturn. This segment experienced a significant decline of approximately 20%, making it the hardest hit among the 225 categories listed on CoinGecko’s “Categories” tab.
The category of “Cat-Themed Coins” in memes is ranked as the sixth most affected on the list.
In other words, the market value of Solana’s meme coins sector decreased by a significant amount, totaling approximately $1.5 billion, due to the current cryptocurrency downturn.
Among the many popular meme coins on the Solana blockchain, Cat in a Dogs World (MEW) has drawn the most attention recently with a significant price decrease. Specifically, its value has fallen by approximately 29%.
Myro (MYRO) is down by 24%, while Dogwifhat (WIF) and Bonk (BONK) are posting double-digit losses.
Layer 1 blockchains and CEXes look strong amid bloodbath
The total value of all cryptocurrencies combined dropped by 4.7%. Among them, Bitcoin (BTC) decreased by 3%, and Ethereum (ETH) experienced a larger loss of 6%.
Governance tokens associated with Theta Ecosystem, game-centric cryptocurrencies, and coins linked to perpetual exchange protocols and cross-chain communication platforms have collectively underperformed in the market.
In the case of numerous past dropdowns, it is the coins and native currencies of centralized exchanges and major L1s that tend to hold the most strength. (Or, The coins and native currencies of centralized exchanges and major L1s have historically shown the greatest strength in prior instances of a dropdown.)
Yesterday, Bitcoin (BTC) rapidly decreased in value from around $71,000 to under $68,000 due to two primary causes: uncertainties in the U.S. economy and escalating tensions in the Middle East.
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2024-04-13 21:24