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June 22, 2024
Market Analysis

How These Solana Meme Coins Skyrocketed After Bitcoin Dip

Solana-based meme cash have just lately showcased exceptional beneficial properties. This surge happens whereas main cryptocurrencies like Bitcoin (BTC) expertise a basic downturn.

The narrative has been outperforming different cryptocurrencies. Therefore, the crypto group members anticipate a meme coin-led bull run.

How Prime Solana Meme Cash Carried out within the Final 24 Hours

Notably, Dogwifhat (WIF), the biggest meme coin on Solana primarily based on market capitalization, rose by 16.2% previously 24 hours. Popcat (POPCAT) by 27.6%, Jeo Boden (BODEN) by 36%, Slerf (SLERF) by 14.2%, Wen (WEN) by 17.6%, and Maneki (MANEKI) by 16%.

These beneficial properties distinction with the broader crypto market, displaying solely a modest restoration. After a drop under $57,000, Bitcoin has barely recovered, at the moment buying and selling at $57,600. In the meantime, the meme coin sector on Solana has seen its general market cap improve by 6.8%, now valued at $6.9 billion.

Learn extra: 11 Finest Solana Meme Cash to Watch in 2024

Prime 10 Solana Meme Cash Primarily based on Market Capitalization. Supply: CoinGecko

Cryptonary, a crypto evaluation platform, highlighted the present market enthusiasm for meme cash.

“In case your crypto cash aren’t up at the very least 500% year-to-date or double digits immediately, you’re within the incorrect cash. Memecoin supercycle in full swing,” Cryptonary posted, attaching screenshot of meme cash’ efficiency.

Nonetheless, the meme coin narrative has its pitfalls. Current investigations by ZachXBT revealed that 12 Solana-based meme coin initiatives had been deserted, resulting in important losses totaling $26.7 million.

Amongst these, “I like this coin (LIKE),” attracted roughly $7.8 million from buyers earlier than its worth plummeted by over 50%.

Earlier this week, one other incident occurred with the meme coin, BONKKILLER, which carried out a honeypot rip-off. Resulting from a “freeze authority,” the holders couldn’t promote their tokens.

Therefore, BONKKILLER claimed a market capitalization of $327 trillion, surpassing the mixed GDP of each nation. Notably, over 90% of the cash had been managed by its creator.

Additional complicating issues, a research by cybersecurity agency Blockaid discovered that at the very least 50% of presale tokens on the Solana blockchain from November 2023 to February 2024 had been malicious.

Learn extra: Crypto Rip-off Initiatives: How To Spot Faux Tokens

Because the meme coin market continues to develop, it serves as a vivid reminder of the high quality line between excessive rewards and excessive dangers. Traders are suggested to conduct thorough due diligence and stay cautious of the unstable nature of those digital belongings. This market, whereas promising, calls for cautious scrutiny and a well-informed funding technique.

Disclaimer

In adherence to the Belief Undertaking tips, BeInCrypto is dedicated to unbiased, clear reporting. This information article goals to supply correct, well timed info. Nonetheless, readers are suggested to confirm details independently and seek the advice of with an expert earlier than making any choices primarily based on this content material. Please word that our Phrases and Circumstances, Privateness Coverage, and Disclaimers have been up to date.

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