Solana Memecoins Face Weekly Selling Pressure

Solana memecoins are trading underwater as investors continue to mark exits due to macroeconomic factors and high volatility. Solana memecoins are down 14.4% in the last 24 hours after showing slight signs of recovery following outflows recorded over the weekend.

The downturn in memecoins reflects the stance on the wider market as top assets record outflows for the third consecutive day. Weakened sentiment places the daily trading volumes of Solana memecoin at $1.8 billion with major tokens plunging in value.

Solana Memecoins Posts Double Digit Losses

Asests like dogwifhat and BONK have added to daily stings of losses with a 15% and 14.8% decline respectively. This significantly pushed weekly outflows above 30% for both tokens. Similarly, BOME and SLERF are 9% and 18.1% respectively today with weekly losses at 36.5% and 16.8%.

Community favorites BODEN and WEN saw wider outflows following weeks of inflows. BODEN declined 32.8% in the last 24 hours and 38% this week. WEN saw 21% daily losses and 40% weekly exits.

However, MEW remains in the green zone with an 11% rise today and a 57% weekly inflow. Monku and Guacamole are top daily gainers after an uptick of 183% and 12.6%. It is usual to see some memecoins trade against the market as the community rallies around the tokens.

Wider Market Impacts Memecoins

These huge outflows in the market show negative sentiment in memecoins. The bearish trend stems from geopolitical tensions which also affected the stock market. Liquidations recorded in Bitcoin and other assets also caused the declined momentum of memecoins. Bitcoin retraced from $70,000 to $62,000 limiting market inflows amid project highs.

Solana memecoin notched significant inflows in Q1 2024 following a memecoin frenzy that saw assets soar to new points. Although most gains are currently wiped off, several analysts project a rise should the wider market bounce uphill.

Factors like the Bitcoin halving and a reversal of negative macroeconomic trends can spur a rebound in the market.

Also Read: Top Crypto Gainers and Losers Of The Day Amid This Market Crash

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David Pokima

David is a finance news contributor with 4 years of experience in Blockchain Technology and Cryptocurrencies. He is interested in learning about emerging technologies and has an eye for breaking news. Staying updated with trends, David reported in several niches including regulation, partnerships, crypto assets, stocks, NFTs, etc. Away from the financial markets, David goes cycling and horse riding.

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