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The euphoria around meme cryptocurrencies on the Solana (SOL) blockchain seems to be losing its momentum. In the last seven days, almost all of them witnessed double-digit losses.
Solana (SOL) meme coins: 19 of 20 largest cryptos close week in red
The last seven days brought significant losses to the segment of Solana (SOL) meme cryptocurrencies. Shiba Inu (SHIB) competitors on Solana (SOL) lost 25% on average, with Peng (PENG) and Book of Meme (BOME) being the worst sufferers.
It should also be noted that Dogwifhat (WIF), a flagship cryptocurrency of the segment, demonstrated strong performance amid the collapse.
It only lost 5.3%, while its rivals in the top 25 posted double-digit losses.
The newest large-cap meme coin on Solana (SOL), Book of Meme (BOME), said farewell to over one third of its USD-denominated value and left the top-100 rankings of altcoins with the biggest market cap.
Solama (SOLAMA), the only llama-themed meme coin on Solana (SOL), surprisingly is the only cryptocurrency in this segment that closes the week in green. Its price jumped by almost 28% in the last 24 hours.
Solana (SOL) meme cryptos recovery lagging behind market
However, after the painful collapse, Solana (SOL) meme coins started showing first signs of recovery. The entire segment added 1.2% in the past day, while its capitalization exceeded $5.68 billion.
To provide context, other segments added 3.5% in the corresponding period.
The meme coins scene increased its capitalization by 3.3%, with Dogecoin (DOGE), Memecoin (MEME) being the best performers.