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Solana, the fifth-largest crypto asset by market cap, has fallen 8% over the past 24 hours, according to CoinGecko, as its meme coin market takes larger hits. Some of the meme coins, which can be notoriously volatile, have fallen by as much as 43% in the past day.
As the crypto market bleeds with Bitcoin (BTC) down 2.7% and Ethereum (ETH) 4.2%, Solana (SOL) has taken the largest hit out of the top 10 cryptocurrencies falling to 8.2% to $168 on the day, according to CoinGecko data. With this, Solana meme coins have taken huge losses.
The biggest loser over the past 24 hours, is the larger of the two Neiro (NEIRO) tokens on Solana which has tumbled almost 44% down to $0.01821. These tokens were launched after the owner of Kabosu, the Shiba Inu that inspired the Doge meme, announced she had adopted a new dog called Neiro. Interestingly, its network rival that launched an hour prior, also called Neiro (NEIRO), is up a huge 75.2%. It appears the Solana Neiro civil war is far from decided.
Other big losers include Pump.fun favorites Billy (BILLY), which is down 26.4%, and Michi (MICHI), which has fallen 24.5%. Over the past 24 hours, the two tokens have flipped each other's market caps a number of times, but dog coin Billy is currently on top at $94 million—roughly $3 million ahead of Michi.
Dogwifhat (WIF), the largest meme coin on Solana, has also been affected and dropped 12.4%. Meanwhile, Bonk (BONK), the second-largest Solana meme coin, has dropped 9.1%. In fact, out of the top 50 Solana meme coins by market cap, only four tokens are in the green, with Zoomer (ZOOMER) leading the pack up 41.1%.
Meme coins are notoriously high-risk assets and tend to show outsized losses when the broader market takes a downturn.
Brainlet (BRAINLET), Michi (MICHI), Mini (MINI), Shark Cat (SC), and many more, for example, have taken worse losses over the past 24 hours than any of the top 100 cryptocurrencies by market capitalization.
In the world of meme coins, when it rains it pours.
Edited by Stacy Elliott.