Memecoins
Solana and Ethereum Meme Coins Plunge as GameStop Buzz Cools Down
Despite The rise of Bitcoin yesterday and today, crypto piece of money The pump subsided as the meme stock craze around GameStop and Roaring Kitty subsided – and major tokens plunged accordingly.
GameStop-themed tribute cryptocurrency GME crashed hardest today: SolanaThe token based on this model is down more than 44% and trading at $0.006433, according to CoinGecko.
Over the week, it is still up over 1,240%, but today’s drop shows traders are selling as well. even stock mania is slowing down.
Among large cap coins and tokens, Ethereum-base Pepe has lost almost 4% of its value at a current price just below $0.00001. The token, launched last year, was another meme coin that was released this week. Based on Ethereum Floki also declined today, dropping 5% to a price of around $0.0002.
In the meantime, dog hat, which runs on the Solana network, has almost lost 4% of its value, with CoinGecko data showing the token costs $2.78. THE BONK based on Solana is doing better but is still down 2% on the day at $0.000024.
Dogecointhe leading coin by market cap, is actually up 1% on the day to $0.151.
Meme coins and tokens are cryptocurrencies usually inspired by Internet memes and jokes. They are very volatile and often disappear as quickly as they are born.
They made a comeback following the rise of Bitcoin this year. But this week, they exploded even more with the return of growing demand for so-called meme stocks.
Meme stocks, traded on U.S. stock exchanges, are stocks of companies that have a cult following on the Internet.
Stocks such as GameStop and AMC Entertainment, experienced a resurgence this week, after the internet celebrity kicked off her first race, Roaring kitten (aka Keith Gill), posted online for the first time in almost three years.
The excitement, however, appears to be waning as traders cash in, some with massive gains.
Edited by Andrew Hayward
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment or other advice.