Meme Coin Round Up – Hit Hard By the Recent Crypto Market Drop
The meme coin market has been hit hard by the recent crypto market downturn, with major players like Dogecoin (DOGE), Shiba Inu (SHIB), and Bonk (BONK) all experiencing substantial losses over the past few days.
Dogecoin has dropped over 12% in the last 3 days, while Shiba Inu and Bonk have seen declines of 15% and 18%, respectively. The broader meme coin index has plummeted by nearly 20% during this period, underperforming the overall crypto market.
Analysts attribute this slump to the bearish sentiment gripping the entire crypto space, with Bitcoin and Ethereum recording double-digit losses. The macroeconomic uncertainty and concerns over potential interest rate hikes have weighed heavily on the speculative meme coin sector.
Earlier this week, popular singer Jason Derulo launched his meme coin, $JASON. It saw a strong debut, gaining over 30% on its first day of trading and ending up as a rug.
Similarly, rapper 50 Cent X’s account was hacked, and the hacker launched a quick pump and dump that did over 8000% before crashing.
One of the hardest-hit meme coins in the recent downturn has been Bonk (BONK), a Solana-based project that has gained noteworthy traction in the past few months. In the last 3 days, BONK has seen an 18% decline.
The ongoing struggles within the Solana ecosystem have also exacerbated the decline in BONK’s price. As a Solana-based project, BONK’s performance is closely tied to the health of the Solana blockchain.
In recent weeks, the Solana network has faced several technical issues and outages, which have weighed heavily on Solana-based projects like BONK. Investors are increasingly concerned about the long-term viability of the Solana blockchain, and this sentiment has translated into selling
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