Jeo Boden

2024

Solana

Memecoin

Solana meme coins show remarkable growth, although many leading cryptocurrencies suffer&nbsp;heavy losses. 
The meme coins segment is doing much better than other cryptocurrencies, CoinGecko data shows. 
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Dogwifhat&nbsp;(<a href="https://crypto.news/price/Dogwifhat/" target="_blank" rel="">WIF</a>), the largest meme coin by market capitalization based on the <a href="https://crypto.news/tag/Solana/" target="_blank" rel="">Solana</a> blockchain, has risen 18% in the last 24 hours. Popcat (POPCAT) rallied 61%, Jeo Boden (BODEN) gained 53% in price, Slerf (<a href="https://crypto.news/price/SLERF/" target="_blank" rel="">SLERF</a>) surged 16%, and Wen (WEN) is up by 28%. 
The gains&nbsp;starkly&nbsp;contrast the broader cryptocurrency market, which has seen more muted performance. After falling below $57,000, <a href="https://crypto.news/tag/bitcoin/" target="_blank" rel="">Bitcoin</a> has recovered slightly and is&nbsp;trading around $59,000. Meanwhile, the capitalization of the meme coin sector on <a href="https://crypto.news/tag/Solana/" target="_blank" rel="">Solana</a> increased by 14.7% and&nbsp;is now valued&nbsp;at $7.4 billion. 
Analytics platform Cryptonary has noted the current market enthusiasm for meme coins. 
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 If your crypto coins aren’t up at least 500% ytd or double digits today,you’re in the wrong coins Memecoin supercycle in full swing <a href="https://t.co/9BzNZiPHXg" target="_blank" rel="">pic.twitter.com/9BzNZiPHXg</a>— Cryptonary (@cryptonary) <a href="https://twitter.com/cryptonary/status/1785982930159874106?ref_src=twsrc%5Etfw" target="_blank" rel="">May 2, 2024</a>
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However, this market segment has its dangers. A recent investigation by crypto sleuth ZachXBT <a href="https://crypto.news/memecoin-developers-rugpulled-over-26m-in-pre-sales-on-solana-amid-marchs-craze/" target="_blank" rel="">found</a> that&nbsp;12 projects with Solana-based <a href="https://crypto.news/tag/meme-coins/" target="_blank" rel="">meme coins</a> were abandoned, costing investors&nbsp;$26.7 million. For example, the I Like This Coin (LIKE) project raised about $7.8 million from investors, subsequently falling by more than half its original value. 
A16z CTO Eddy Lazzarin also <a href="https://crypto.news/a16z-crypto-cto-slams-memecoins-say-they-paint-risky-casino-narrative/" target="_blank" rel="">spoke</a> negatively about the meme coin sector.&nbsp;Lazzarin added that meme coins undermine the long-term vision of cryptocurrencies that keep many in this space and are not very interesting from a technical point of view. 
 You might also like: <a href="https://crypto.news/solana-meme-coin-fundraiser/" rel=""> ZachXBT: Solana meme coins raised $149m in a week </a>

Solana meme coins surge despite crypto market decline

crypto.news

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