Key Points
- Over the past 72 hours, meme coins on the Solana network and base meme coins have experienced a market price decline.
- Despite the recent downturn, some investors are still betting on the meme coin phenomenon.
The meme coin frenzy that has recently taken over the cryptocurrency world appears to be slowing down, at least for now. Over the past three days, several notable meme coins have seen a decrease in their market prices. Meme coins on the Solana network have lost 2% of their market capitalization in the last day. Meanwhile, base meme coins have seen a 3.5% decline in the same timeframe.
Notable Meme Coin Declines
Bonk (BONK), a significant meme coin within the Solana ecosystem, has been on a downward trend since the beginning of this week. The price has dropped from $0.000028 to $0.000023, indicating a 17.8% decrease.
Dogwifhat (WIF) began to decline from $4.8 three days ago, hitting its lowest price of $3.6 yesterday before eventually closing at $3.8. Despite its recent success, the 25% drop in three days is quite substantial.
Book of Memes (BOME) recently broke through a resistance at around $0.015. However, its price corrected by 16% yesterday, following the broader crypto trend. Today, it has continued on a bullish trajectory, but the bulls will need more resilience to keep pushing prices upward due to the general market sentiment.
PEPE, another Solana-based meme coin, has also experienced a dip, dropping 0.905% in the last 24 hours. Meanwhile, BRETT has continued to struggle below the $0.08 resistance after a fine run since March 23. The price is seen recovering after a 37% decline that occurred in the last 3 days, but the bulls will need to break above the $0.08 resistance first for a chance to continue the rally.
The DEGEN Coin’s Roller Coaster Ride
The meme coin DEGEN, part of the Base ecosystem, has had a particularly turbulent journey. After a spike of over 2000% that saw its price rise from $0.0029 on March 21 to $0.065 on March 31, DEGEN has since experienced a dramatic fall. Over the past three days, the coin has dropped by 50% to $0.32. Despite the chart turning green, indicating the bulls are fighting back, more positive triggers may be needed to maintain an upward move.
The reasons behind the meme coin slump are not entirely clear, but it can be attributed to the broader downward trend in Bitcoin’s price. Bitcoin exhibits a robust correlation with other cryptocurrencies. When its value increases, other cryptocurrencies tend to rise since the general sentiment becomes more positive, and conversely, when Bitcoin’s value decreases, altcoins also suffer.
Continued Interest in Memecoins
Despite the recent downturn, the meme coin mania may not be over. According to data provided by Lookonchain, a crypto analytics platform, a whale recently bridged 552 Ethereum (ETH), worth approximately $2 million, to the Base network and spent 551.37 ETH to purchase 38.95 million DEGEN tokens at $0.05 each. This investment suggests that deep-pocketed investors are still betting on the meme coin phenomenon, at least in some market segments.
The recent slump could be merely a temporary blip or a sign of more sustained turbulence. Regardless, the meme coin mania has captured the imagination of investors and enthusiasts alike, and its impact on the broader cryptocurrency landscape is likely to be felt for some time.
