Samoyedcoin

Solana

Ponke

Myro

Bonk

Meme coins linked to the Solana ecosystem saw a massive surge over the past few months guiding SOL token to <a href="https://news.todayq.com/meme-tokens-recovers-from-slump-btc-regains-40k/" target="_blank" rel="noopener noreferrer nofollow">record big gains</a>. Now, it seems that trending meme coins like Bonk (BONK), WIF, Myro (MYRO), Samoyedcoin (SAMO), Ponke (PONKE), and Analos (ANALOS) are undergoing a substantial correction. This price action signals a potential downturn for the ecosystem and reverses the gains registered in recent weeks. Solana linked meme tokens hit red 
<a href="https://news.todayq.com/solana-winning-this-race-despite-2-dip/" target="_blank" rel="noopener noreferrer nofollow">SOL price</a> had dropped by around 7% over the last 30 days suggesting that the initial hype surrounding Solana-based meme coins is fading away. This drop comes in after a period of intense interest and profit-taking.
BONK, launched on Solana in December 2022, saw a record breaking 1,000% rally in under 90 days in 2023. However, BONK price is nearly 70% below its all-time high of $0.00004000 after a market correction. BONK is trading at an average price of $0.000010, at the press time. Its 24 hour trading volume is down by 40% to stand at $51 million. BONK has shed more than 21% of its gain in the past 30 days.
Other Solana-based meme coins, except for WIF and BONK, have also witnessed drawdowns ranging from 5.2% to 36.2% in the past 24 hours. This decline contributed to a broader correction trend over the week. WIF price dropped by 42% in the last 7 days.
Despite these meme coins’ early gains and popularity, the correction indicates a decline in demand and community engagement. Many of these tokens, inspired by famous dog-themed cryptos like Shiba Inu (SHIB) and Dogecoin (DOGE), saw huge rallies but are now facing steep declines. What’s next for meme coins? 
The ongoing situation of Solana’s meme coins reflects a low barrier to entry, with projects developed at a relatively low cost. However, it is important to note that this environment also exposes investors to risks such as rug pulls, short operation cycles, and a lack of sufficient information about the teams and projects.
Experts suggest that the situation is likened to gambling at a street-side stall. The low friction in transacting SOL-based meme coins allows for rapid project development and frequent switching by traders, creating a dynamic reminiscent of “pump and dump” scenarios.
Solana still saw a surge of around 6% in the last 24 hours. SOL is trading at an average price of $101.8, at the press time. Its 24 hour trading volume is down by 32% to stand at $2.5 billion.
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Solana memeverse hit by correction, Will SOL react to this?

Todayq News

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