Solana Memecoins Dump Across the Board as Market

Meme coins Bonk, Pepe, and Brett are among the top five worst losers in the top 100 cryptocurrencies over the past day, with Bonk falling 12.1%, Pepe down 9.6%, and Brett declining 8.1%.
The only meme coin in the top 50 by market cap that is in the green over the past 24 hours is Ethereum’s Kendu Inu (KENDU), up 13.3% after being featured in a Coinbase video.
Despite the recent losses, the meme coin category has gained 3.1% over the past seven days, with several major meme coins still valued higher than they were a week ago.

Most of the meme coin market has taken a hit today, with favorites Bonk, Pepe, and Brett taking the largest losses, according to data from CoinGecko.

Solana memecoin $WIF, $BONK, and $PEPE are each down 50% – 60% over the last 45 days pic.twitter.com/pXFmAc1UW5
— BlockNews.com (@blocknewsdotcom) July 12, 2024

Top Meme Coin Losers

Bonk

Solana’s dog coin Bonk (BONK) has taken the greatest hit, falling 121% to $0.000023 on the day. This comes amid a Bonk DAO vote to burn 100% of the BONK earned by the Decentralized Autonomous Organization (DAO). At the time of writing, the approval is set to pass with 99.3% of the vote.

Pepe

Meanwhile, Ethereum’s Pepe (PEPE) is down 96%.

Brett

Base chain’s Brett (BRETT) has fallen 81%.

Other Notable Losers

Other big meme losers include Dogwifhat (WIF), which has fallen 51%, Mog Coin (MOG), down 127%, and Popcat (POPCAT), which has stumbled 106%. Even meme coin veteran Dogecoin (DOGE) is down 31%.

Meme Coin Market Overview

In fact, the meme coin market has been hit so hard that only one of the top 50 meme coins by market cap is in the green over the past 24 hours – Ethereum’s Kendu Inu (KENDU) is up 133% after a Coinbase video advertising its new wallet web app included the token’s ticker.

Despite the meme coin market taking a hit, zooming out, it doesn’t look too bad. The meme coin category has gained 31% over the past 7 days, with many of today’s losers still being valued higher than they were a week ago.

Conclusion

The recent meme coin market downturn presents a potential buying opportunity for investors who believe in the long-term prospects of projects like Bonk, Pepe, and Doge. However, the extreme volatility highlights the risks of investing in cryptocurrencies based purely on internet hype and memes.

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.