Meme Coins Get Mangled: BOME Crashes 50%, Pepe, WIF, Floki & Bonk Plummet 20% — Is The Hype Fading?
Portfolio Pulse from Murtuza Merchant
The memecoin market on the Solana blockchain has experienced significant volatility, with BOME crashing 50% and other memecoins like Pepe, WIF, Floki, and Bonk dropping around 20%. In contrast, SLERF's value surged, becoming the eighth-largest meme coin by market cap. Cryptocurrency exchanges BingX, HTX, and Bitget have supported SLERF by donating transaction fees. Solana's DEXs outperform competitors, with Raydium's trading volume surpassing Uniswap V3. Solana's fee capture also exceeded Bitcoin's, indicating its growing dominance in DeFi.
March 19, 2024 | 6:37 pm
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Solana's blockchain hosts the volatile memecoin market, with significant price movements in BOME, Pepe, WIF, Floki, and Bonk, while SLERF's value surged. Solana's DEXs and fee capture outperform competitors, indicating its growing dominance in DeFi.
The significant price movements of memecoins on the Solana blockchain, coupled with the outperformance of Solana's DEXs and its fee capture surpassing Bitcoin's, indicate a growing interest and dominance in the DeFi space. This could potentially lead to increased demand and higher prices for SOL in the short term.
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IMPORTANCE 90
RELEVANCE 100