Solana meme coins surge despite crypto market decline
Release: 2024/05/02 23:54 Reading: 205
Solana Meme Coins Surge Amidst Cryptocurrency Market Slump
In stark contrast to the bearish performance of many leading cryptocurrencies, the meme coin segment on the Solana blockchain is experiencing remarkable growth, according to data from CoinGecko.
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Source: CoinGecko
Dogwifhat (WIF), the largest meme coin by market cap on Solana, has soared 18% in the past 24 hours. Other notable gainers include Popcat (POPCAT) with a 61% surge, Jeo Boden (BODEN) up 53%, Slerf (SLERF) rising 16%, and Wen (WEN) climbing 28%.
These gains stand in stark contrast to the broader cryptocurrency market, which has witnessed a more subdued performance. After dipping below $57,000, Bitcoin has partially recovered and is currently trading around $59,000. Meanwhile, the market capitalization of the meme coin sector on Solana has increased by 14.7%, now valued at an impressive $7.4 billion.
Analytics platform Cryptonary has highlighted the current market enthusiasm for meme coins:
If your crypto coins aren’t up at least 500% ytd or double digits today, you’re in the wrong coins. Memecoin supercycle in full swing.
However, this market segment also carries potential risks. A recent investigation by crypto sleuth ZachXBT revealed that 12 Solana-based meme coin projects were abandoned, resulting in losses of $26.7 million for investors. For instance, the I Like This Coin (LIKE) project raised $7.8 million and subsequently plummeted by more than half its initial value.
A16z CTO Eddy Lazzarin has also expressed skepticism about the meme coin sector, arguing that it undermines the long-term vision of cryptocurrencies and lacks technical innovation.
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