Solana Memecoins Suffer 15% Outflows as Wider Market Falls

02 Apr, 2024 Updated 27 Aug, 2024

By David Pokima

Crypto Journalist

Expertise : Finance/Crypto Journalist

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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Solana memecoins are taking hits in the market following wider cryptocurrencies recording liquidations in the last 24 hours. A glance at cryptocurrency charts shows sharp outflows from Bitcoin (BTC), altcoins, and memecoins. The reduced investor sentiment can also be seen in the declined number across decentralized finance protocols.

Solana memecoins have slumped 15% in the last 24 hours after weeks of rapid highs which sparked a frenzy in social spaces. The fall places the market cap of Solana memecoins at $7.9 billion with a $2 billion daily trading volume. Leading asset dogwifhat is down 15.6% today holding on to a 17% gain this past week. Similarly, BONK has lost 11.5% of its value and a much larger 14% this week.

Solana Memecoins in the Red Zone

Assets like Popcat and Myro have also posted losses of over 20% signaling weakened market sentiment in memecoins. Despite sharp exits, BOME and MEW remain the few top Solana memecoins to record gains in the last 24 hours. The assets gained 6.4% and 9.6% respectively and held on to 13% and 119.3% weekly gains respectively. The largest gainers in the category show BaoBaoSol notch a 21% increase in value amid plunging markets. The assets have spiked 57% this past week.

The wider memecoin ecosystem has tanked 15.5% to a market capitalization of $61.3 billion with Shapiro liquidations on top assets. Dogecoin (DOGE) and Shiba Inu (SHIB) plummeted 9.9% and 7.6%. These outflows have wiped out weekly gains recorded by DOGE placing the asset in the red zone. PEPE and FLOKI also recorded 15% and 17% losses.

Top Assets Plunged

Cryptocurrencies show weakened strength as macro factors continue to affect the markets. The stock market also lost points showing the correlation between both worlds. At press time Bitcoin trades at $64,915, a 7% drop in the last 25 hours. These losses have ushered in wider liquidations and sell-offs in the market.

The mass exit could be a result of the upcoming halving and progressive miner movements, some analysts opine. However, Bitcoin halving is seen as a bullish phase leading to upward price projections. Ethereum, Solana, and Ripple also lost 8.49%, 9.91%, and 5% respectively today.

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.