The value of Solana memecoins is sinking below the waterline as investors choose to sell due to economic instability and extreme price swings. Over the past day, these tokens have dropped by 14.4% despite brief signs of improvement following recent weekend outflows.
The drop in memecoin prices, including Solana, is mirroring the broader market trend as top assets experience a third straight day of investor withdrawals, resulting in daily trading volumes of around $1.8 billion for Solana’s memecoin. Major tokens are also losing value significantly due to decreased optimism.
Solana Memecoins Posts Double Digit Losses
The drops in the value of assets such as Dogecoin and Bonk were around 15% and 14.8% respectively, adding to our weekly losses. This led to over 30% outflows for both tokens in a week. Similarly, Bome and Slerf experienced declines of approximately 9% and 18.1%, resulting in weekly losses of 36.5% and 16.8% respectively.
The popular choices amongst investors, BODEN and WEN, experienced larger withdrawals after previous periods of investment. Over the past day, BODEN dropped by 32.8%, and in the current week, it decreased by 38%. Conversely, WEN recorded daily losses amounting to 21% and weekly outflows totaling 40%.
MEW continues to thrive, experiencing a 11% increase today and a robust 57% inflow in the past week. Monku and Guacamole have emerged as the day’s leading gainers, surging by 183% and 12.6%, respectively. It’s common for memecoins to buck market trends as their communities enthusiastically support these tokens.
Wider Market Impacts Memecoins
Large-scale sell-offs in the memecoin market indicate a pessimistic outlook among investors. The downturn is driven by geopolitical issues that have negatively impacted both memecoins and the stock market. Bitcoin‘s dip from $70,000 to $62,000 has restricted new investments into memecoins due to decreased market confidence during this period of heightened project valuations.
In Q1 2024, there was a surge of investment in Solana’s memecoin due to a popular trend among memecoins, causing asset values to reach new heights. Although much of those gains have since been lost, some analysts believe the price will rise again if the overall market recovers.
The Bitcoin halving and improvements in larger economic conditions could lead to a market recovery.
Top Crypto Gainers and Losers Of The Day Amid This Market Crash
Read More
- BTC PREDICTION. BTC cryptocurrency
- LUNC PREDICTION. LUNC cryptocurrency
- BCH PREDICTION. BCH cryptocurrency
- MNT PREDICTION. MNT cryptocurrency
- Best Goomba Characters In Mario Games, Ranked
- USD RUB PREDICTION
- SOL PREDICTION. SOL cryptocurrency
- ETHW PREDICTION. ETHW cryptocurrency
- Destiny 2 Player Transforms Their Warlock Into Team Fortress 2’s Medic
- METIS PREDICTION. METIS cryptocurrency
2024-04-16 17:45