Meme Coin Mania Takes a Breather as Major Solana and Base Tokens Suffer Slump

In simpler terms, the excitement surrounding meme coins in the cryptocurrency market seems to be cooling off for now. Over the past three days, the value of several popular meme tokens has dropped. For instance, meme coins on the Solana platform have seen a 2% decrease in total market worth within the last day. Likewise, base meme coins have experienced a decline of 3.5% during the same timeframe.

Within the Solana crypto world, Bonk (BONK) is one of the meme coins that has suffered a setback. Its value has decreased from $0.000028 to $0.000023 since this week began, leading to a 17.8% price decrease.

Three days ago, Dogwifhat (WIF) began to decrease from a value of $4.8, hitting an all-time low of $3.6 the day prior. Despite its impressive performance recently, the token experienced a substantial 25% decrease in just three days.

Recently, the price of Book of Memes (BOME) surpassed its previous resistance level at approximately $0.015. However, due to the wider crypto market downturn, the coin experienced a 16% decrease in value the day before. Today, BOME‘s price has continued to rise, but the bulls must remain strong to overcome the bearish market influence and further boost prices.

The price of BONK, one Solana meme coin, has dipped, and PEPE, another meme coin on the same network, has likewise experienced a decline of 0.905% in the last 24 hours.

BRETT has faced difficulties dropping below the $0.08 resistance level following its impressive recovery since March 23. Although there’s been a rebound after a significant 37% decrease within the past three days, the bulls must first overcome this resistance for any further advancement in the rally to take place.

DEGEN, the meme coin within the Base ecosystem, has gone through significant price fluctuations. It surged over 2000% between March 21 and March 31, reaching a high of $0.065 from its initial price of $0.0029. However, since then, DEGEN has experienced a sharp decline of approximately 50%, dropping to a current price of $0.32 as of three days ago. The chart now indicates a bullish trend, but additional positive news or events might be necessary for continued growth.

The causes of the recent drop in memecoins are not fully understood. However, it is believed that this trend may be linked to the declining price of Bitcoin. Bitcoin and other cryptocurrencies have a strong connection, meaning when Bitcoin goes up in value, other digital currencies often follow suit due to the positive sentiment. In contrast, if Bitcoin’s value drops, so do altcoins.

Whales Still Betting on Memecoins

In spite of the recent market slump, the excitement surrounding memecoins might not have run its course completely. A major investor, as indicated by data from Lookonchain, has transferred $2 million worth of Ethereum (ETH) to the Base network and bought nearly 39 million DEGEN tokens for around $0.05 each with an investment of $197,685. This move underscores the continued interest of wealthy investors in memecoins within specific market sectors.

A whale transferred 552 dollars worth of ETH, equivalent to 2 million dollars, back to Base, and then spent 551.37 dollars worth of ETH, also equating to 2 million dollars, to purchase approximately 38.95 million DEGEN tokens at a price of 0.052 dollar per token.
— Lookonchain (@lookonchain) April 1, 2024

The recent downturn in the market might just be a brief setback or a sign of bigger problems ahead. However, the excitement surrounding meme coins has seized the interest of investors and supporters, leaving a significant mark on the crypto world that will likely last.

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2024-04-03 14:24