Solana Meme Coins Face Market Headwinds

The meme coin sector suffered significant downturn in the recent market crashes and meme coins on leading blockchain network, Solana, continue to bleed as investors remain hesitant from opening positions during these uncertain times. The crypto crash was initiated with leading cryptocurrency Bitcoin (BTC) failing to break above the $60,000 price level, resulting in the crash of meme coins as well.

The top three most-popular meme coins on the Solana blockchain, dogwifhat (WIF), Bonk (BONK), and BOOK OF MEME (BOME) saw significant losses while the total market cap of the meme coin sector fell 2% to $38.4 billion, and the trading volume of these tokens reached $3 billion. The top-performing meme coin was Sundog (SUNDOG), with a price increase of 77% in the past 24 hours, according to CoinGecko data.

On the other hand, the prices of WIF, BONK, and BOME, all part of the top 10 meme coins by market capitalization, have plunged massively in the past 24 hours, wiping out millions from the digital asset space amid a broader crypto market crash. However, these meme coins are currently testing their support levels and investors can expect a breakout if Bitcoin holds above $58,000 and investors take advantage of the price drop and aim higher.

As per CoinMarketCap data, in the past 24 hours, WIF is down 1.76% and is trading at $1.37. The meme coin is down 19.47% in the past week and a whopping 43.58% in the past 30 days. However, WIF is also up 718.09% since August 2023. On the other hand, BONK dropped 2.10% and is trading at $0.00001748 with a 10.49% price crash in the past week and 36.25% decline in price in the past 30 days.

Further, BOME is priced at $0.006686, down almost 1% in the past 24 hours, showing resilience to the selling pressure prevailing in the market. Moreover, the meme coin is up 633.96% since its inception in March 2024. However, BOME is down 4.72% in the past seven days and a massive 25.56% in the past 30 days.