With Bitcoin falling below $65,000, meme coins, the trending topic of recent days, saw declines of up to 50%.
There has been a frenzy of meme coins, particularly based on Solana, in the cryptocurrency markets. The network produces around 200,000 new meme coins every hour, with some projects surpassing a $1 billion market value.
The rapid listing of meme coins based on the protocol of “send SOL to my wallet,” and the subsequent 7% drop in Bitcoin led to declines of up to 50% in meme coins.
Which meme coins fell?
BOOK OF MEME (BOME), one of the most popular meme coins of recent days, led the list with a nearly 50% drop over a 24-hour period. With a market value exceeding $1.5 billion at its peak, the coin is now moving around $500 million.
According to Coingecko, Dogecoin (DOGE), considered the ancestor of meme coins at the top of the market value list, saw a 12% drop in the 24-hour period. In the same period, Shiba Inu (SHIB) followed with a 12% drop, Pepe (PEPE) with 21%, dogwifhat (WIF) with 20%, FLOKI (FLOKI) with 21%, Bonk (BONK) with 22%, CorgiAI (CORGIAI) with 16%, and Memecoin (MEME) with 18% decline.
