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Solana memecoins experienced a sharp drop in prices this Tuesday (2). With the liquidation that hit the market, they lost 15% in market value in just a few hours.

Cryptocurrency charts show sharp outflows in Bitcoin (BTC), as well as Ether (ETH) and especially memecoins. Additionally, decentralized finance (DeFi) products also recorded heavy losses.

On average, Solana memecoin prices fell 15% in the last 24 hours, after weeks of rapid rises that sparked a frenzy on social media. The crash dropped the market value of Solana memecoins to $7.9 billion, with a daily trading volume of $2 billion.

Dogwifhat (WIF), the leader among the network’s memecoins, fell 15.6% today, against a 17% gain last week. Likewise, BONK lost 11.5% of its value. Only Book of Meme (BOME) was an exception, with its price rising 5.1%.

Memecoins in the red

Other famous memecoins on Solana, such as Popcat and Myro, also recorded losses of more than 20%. They have greater volatility because they emerged recently. This drop signals a weakness in market sentiment towards memecoins.

Despite the sharp outflows, BOME and MEW were among the few Solana memecoins to record gains in the last 24 hours. In this sense, MEW recorded the biggest gains among the network’s memecoins, rising 9.6%. In the seven-day period, BOME and MEW recorded increases of 13% and 119.3%, respectively.

Among memecoins in general, the unknown BaoBaoSol registered an increase of 21% and led the market’s gains.

Finally, the market value of memecoins as a whole fell 15.5%, to a market capitalization of US$61.3 billion, with liquidations in the main ones. Dogecoin (DOGE) and Shiba Inu (SHIB) plunged 9.9% and 7.6% respectively, while PEPE and FLOKI recorded losses of 15% and 17%.

Drops in major memecoins

Cryptocurrencies show loss of momentum as macroeconomic factors continue to affect markets. The stock market also fell, reinforcing the correlation between the two markets at this time.

At the time of writing, Bitcoin is worth US$65,714, a drop of 4.3% in the last 24 hours. These losses triggered broader liquidations and sell-offs in the market, with more than US$400 million in liquidation losses.

The mass exit could be the result of the halving and the progressive movements of miners, some analysts believe. According to forecasts, the halving should take place on April 20th, just over 17 days from now.

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