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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.