Solana

Jupiter

DeFi

April

<div class="finbold">
 <p class="paragraph">Solana (SOL) is going through delicate times facing network issues, congestion bugs, transaction failures, and rug pulls within its DeFi ecosystem. In this context, Finbold has selected three Solana tokens to avoid this month, while facing uncertainty.</p>
 <p class="paragraph">It is notable how the Solana ecosystem has gained the spotlight in 2024 amid growth and increased market interest. The network’s native token, SOL, climbed market cap ranks and now positions itself among the five most valuable cryptocurrencies.</p>
 <p class="paragraph">Previously, we published a list of the three best Solana <a rel="noopener noreferrer nofollow" title="tokens" href="https://thebittimes.com/tag/tokens.html">tokens</a> to invest in, highlighting solid projects of the <a rel="noopener noreferrer nofollow" title="ecosystem" href="https://thebittimes.com/tag/ecosystem.html">ecosystem</a>.</p>
 <div class="border border-red-300 rounded-xl p-6 not-prose mb-6">
  <h3 class="text-2xl font-black mt-0 flex gap-x-3 mb-5">
   <svg width="32" height="32" viewbox="0 0 32 32" fill="none" xmlns="//www.w3.org/2000/svg"><path d="M4 10.6665V25.3332C4 28.2678 6.392 29.3332 8 29.3332H28V26.6665H8.016C7.4 26.6505 6.66667 26.4078 6.66667 25.3332C6.66667 24.2585 7.4 24.0158 8.016 23.9998H28V5.33317C28 3.8625 26.804 2.6665 25.3333 2.6665H8C6.392 2.6665 4 3.73184 4 6.6665V10.6665ZM8 5.33317H25.3333V21.3332H6.66667V6.6665C6.66667 5.59184 7.4 5.34917 8 5.33317Z" fill="#EF4444"> 
    </path> <path d="M15.996 18.6668L20.4626 14.2815C20.738 14.0166 20.9571 13.6989 21.1068 13.3473C21.2564 12.9957 21.3336 12.6176 21.3336 12.2355C21.3336 11.8534 21.2564 11.4752 21.1068 11.1236C20.9571 10.7721 20.738 10.4543 20.4626 10.1895C19.9074 9.64148 19.1587 9.33422 18.3786 9.33422C17.5985 9.33422 16.8498 9.64148 16.2946 10.1895L15.996 10.4801L15.6973 10.1881C15.1423 9.64023 14.3938 9.33301 13.614 9.33301C12.8341 9.33301 12.0856 9.64023 11.5306 10.1881C11.2552 10.453 11.0361 10.7707 10.8865 11.1223C10.7368 11.4739 10.6597 11.852 10.6597 12.2341C10.6597 12.6162 10.7368 12.9944 10.8865 13.346C11.0361 13.6975 11.2552 14.0153 11.5306 14.2801L15.996 18.6668Z" fill="#EF4444"> 
    </path>
   </svg> Picks for you</h3>
  <div class="grid md:grid-cols-2 gap-x-10 gap-y-3 md:gap-y-5 divide-y divide-gray-300 md:divide-y-0">
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    New ATH incoming: Bitcoin ‘most aggressive bull cycle’ is yet to start <span class="self-center text-xs text-slate-500">1 hour ago</span>
   </div>
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    Bearish signal for ADA as Cardano whale activity lulls <span class="self-center text-xs text-slate-500">2 hours ago</span>
   </div>
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    2 cryptocurrencies to reach $100 billion market cap in April <span class="self-center text-xs text-slate-500">2 hours ago</span>
   </div>
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    Solana price prediction as network issues escalate <span class="self-center text-xs text-slate-500">4 hours ago</span>
   </div>
  </div>
 </div>
 <div class="mb-4 bg-slate-50 rounded-md layout-adjustment">
  <div id="finbold.com_middle" style="min-width: 300px; min-height: 250px;">
  </div>
 </div>
 <p class="paragraph">However, investors turned excessively greedy while meme coins and rug pulls started dominating the cryptocurrency market. Following this unsustainable shift, cryptocurrency traders started recording substantial losses with tokens that erased gains in a matter of hours.</p>
 <h2 class="wp-block-heading" id="h-avoid-dogwifhat-wif-and-bonk-solana-s-leading-meme-tokens">Avoid dogwifhat (WIF) and BONK, Solana’s leading meme tokens</h2>
 <p class="paragraph">Dogwifhat (WIF) led the market in price performance, volume, and overall interest during the recent meme coin mania. Moreover, the Solana ecosystem was a clear winner in traders’ preference for speculating with these tokens, increasing WIF’s outreach.</p>
 <p class="paragraph">Now, as the market pivoted and traders started looking for ways to keep their acquired profits, meme coins like dogwifhat should be avoided.</p>
 <p class="paragraph">Interestingly, WIF has two key supports below its current price of $3.28 per token. First, at around $2.0, which also plays a psychological level, and later at $0.30. This makes for a huge liquidity gap of 85% potential losses from the closest support ($2) to the lowest one ($0.30).</p>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="661" src="https://cdn.thebittimes.com/images/2024/04/07/f4b260ad6338a0120be662a29870975d.webp" alt class="wp-image-167020" srcset="https://cdn.thebittimes.com/images/2024/04/07/f4b260ad6338a0120be662a29870975d.webp 1024w, https://cdn.thebittimes.com/images/2024/04/07/f4b260ad6338a0120be662a29870975d.webp 300w, https://cdn.thebittimes.com/images/2024/04/07/f4b260ad6338a0120be662a29870975d.webp 768w, https://cdn.thebittimes.com/images/2024/04/07/f4b260ad6338a0120be662a29870975d.webp 1536w, https://cdn.thebittimes.com/images/2024/04/07/f4b260ad6338a0120be662a29870975d.webp 1875w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   WIF/USD daily price chart. Source: <em>TradingView</em> (Finbold)
  </figcaption>
 </figure>
 <p class="paragraph">A similar <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> might apply to Bonk (BONK) and other meme <a rel="noopener noreferrer nofollow" title="tokens" href="https://thebittimes.com/tag/tokens.html">tokens</a> from the Solana <a rel="noopener noreferrer nofollow" title="ecosystem" href="https://thebittimes.com/tag/ecosystem.html">ecosystem</a>, which traders should <a rel="noopener noreferrer nofollow" title="avoid" href="https://thebittimes.com/tag/avoid.html">avoid</a>.</p>
 <p class="paragraph">These tokens already present higher risks than the usual ones natural to cryptocurrencies. Meanwhile, the inherent risks of liquidity issues, death spirals, early investors’ sell-offs, and the greater fool theory increase as the ecosystem’s base layer goes through the malfunctioning Solana is currently experiencing.</p>
 <h2 class="wp-block-heading" id="jupiter-jup">Jupiter (JUP)</h2>
 <p class="paragraph">Another token to consider avoiding during Solana’s network issues, congestions, and transaction failures is Jupiter (JUP).</p>
 <p class="paragraph">Essentially, Jupiter is a decentralized exchange for trading perpetual contracts, which is a variety of Futures popular with cryptocurrencies. This is a promising project and Finbold featured JUP as one of the three best Solana tokens to invest in 2024.</p>
 <p class="paragraph">Nevertheless, perpetual contracts are a delicate financial product that highly relies on solid networks. Facing issues could liquidate positions that otherwise would not suffer, traders may not be able to make needed adjustments, and the protocol could see a lower demand in this unfortunate context.</p>
 <p class="paragraph">Additionally, JUP is a token that was recently airdropped, meaning that there is still relevant short-term selling pressure.</p>
 <p class="paragraph">All things considered, this current selection of three Solana ecosystem tokens to avoid in April aims to assist traders in identifying risks and making better decisions. Still, each trader should do their research and make decisions according to their perception.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em> The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/3-solana-ecosystem-tokens-to-avoid-in-april-tbt84686.html">https://thebittimes.com/3-solana-ecosystem-tokens-to-avoid-in-april-tbt84686.html</a></p>

3 Solana ecosystem tokens to avoid in April

Table of Contents

TheBitTimes

Other articles published on Apr 6, 2024

Solana Battles Network Glitches Twice in 48 Hours, Anza Prepares Solutions

Dogecoin Millionaire Awakens from 2021, Emerges Bullish on These Cryptos

Big Red Joins Memecoin Rush: Epoch 2, Solidifying Its Position as a Leading Meme Coin on AVAX Blo...

Best Meme Coins To Buy Saturday, April 6 – VPMX, YooShi, Shiba Predator, Sponge V2

Dogecoin Surges Over 7%: What’s Driving the Meme Coin Rally?

5 Cryptos the Trader Who Made $1M from $1,000 Targets for 2024

Join our free newsletter for daily crypto updates!