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Memecoins fall influenced by the fall of Solana and whales
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This week, the market entered those days that analysts often call “bloody”. This is because most of the cryptocurrencies with the highest market value started to operate in the red.
This Thursday (09), not even the biggest cryptocurrencies on the market, such as Bitcoin and Ethereum, could resist the bleeding. Furthermore, the sharp drop in the price of $SOL and the movement of a PEPE whale led to a considerable drop in the price of memecoins.
According to data from GoinGecko, the The total market value of memecoins fell by around 5% between January 6th and 7th. That way, canceled the gains made in the first week of the year. Of the 10 largest memecoins in terms of market capitalization, 9 showed significant negative indices in the last 24 hours.
THE Dogecoinfor example, fell around 6% in the period. Meanwhile, the Shiba Inu had losses of 2.3%; the PEPEthe newest on the list, also showed a significant drop: 3.9%. In addition to them, Bonk (-5.9%), Pudgy Penguins (-9.4%), ai16z (-22.9%), Dogwifhat (-14.4%) and Floki (-4.3%) also presented negative numbers in the Wednesdaythe.
Memecoins in free fall
One of the reasons behind this negative data is the fall of Solana. THE SUNnetwork token used to create many memecoins, had a precipitous drop and was priced at less than US$195a day after hitting its best mark in a month when it sold for $221.
Furthermore, data shared by analysts indicates an atypical movement of whales in the last few hours. According to analytics platform Spot On Chain, one of these whales settled US$3.95 million in PEPE, around 210 billion tokens. The token sale was the fourth in a week, totaling 430 billion PEPE liquidated.
Even while maintaining 1 trillion tokens, alone the whale moved around 0.1% of PEPE tokenswhich may have influenced other investors to do the same.
The second largest memecoin, SHIBA also had a sharp drop, going from US$0.00002158 to US$0.00002060 in less than 1 hour. However, unlike PEPE, in the case of Shiba Inu the drop may be linked to data that indicates a lower-than-expected movement on the Shibarium network and also low community engagement around the token burning, which could impact the token’s price. .
Finally, the first and most valuable memecoin on the market also suffered a significant drop in the last 24 hours, with a drop of around 6%.
Memecoins fall influenced by the fall of Solana and whales
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Memecoins fall influenced by the fall of Solana and whales
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Memecoins fall influenced by the fall of Solana and whales
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Memecoins fall influenced by the fall of Solana and whales
