Is this the end of the Solana meme coin experiment?

Source Fxstreet
  • WIF has plunged 13% in the past 24 hours, extending monthly losses to 40%.
  • Solana meme coins have been the most affected sector by the market downturn with losses ranging from 30% to 40%.
  • Political meme coins may see a brief rally as presidential debate of June 27 draws closer.

Solana meme coins are losing steam following another day of losses on Friday. The dogwifhat (WIF) coin, the number one Solana meme coin, saw a significant price decrease after a large whale deposit on Binance.

WIF and Solana meme coins take a bow

A notable dogwifhat whale moved about $12.1 million worth of WIF to Binance within the past few hours, according to data from Solscan. Some crypto community members speculated that the large WIF transfer may have been from meme coin trader Ansem.

Also read: Could DOGE see a rally amid quietness in the meme coin sector?

WIF has been suffering from a heavy downtrend in the past few weeks. It's down more than 13% in the past 24 hours, extending its monthly losses to 43%. The downward move has also erased gains recorded during the March meme coin frenzy.

WIF surged more than 100% in March, leading meme coins on a rally. However, it has been heavily hit by the recent drop in excitement meme coins are experiencing.

WIF/USDT 12-hour chart

WIF/USDT 12-hour chart

In addition to WIF, Solana meme coins, which triggered the meme rally in March, seem to be the most affected sector in the meme category as most are trading at high monthly losses. BONK, BOME, POPCAT, PONKE and MYRO, among several others, have sustained around 30 to 40% losses.

Some crypto community members suggest that the meme experiment has been exhausted.

Read more: Meme coin dominance in altcoin market shrinks, DOGE, SHIB, PEPE, WIF, FLOKI on the verge of correction?

Notably, crypto trader @CryptoWazz blasted Ansem in an X post, saying most of his meme coin calls have seen heavy losses.

The recent plunge isn't peculiar to just Solana meme coins. Several other meme coins have been plunging, with top dogs like SHIB and DOGE also erasing gains from their month-long March rally.

Also read: As meme coins go extinct, this Ethereum sector is likely to grow massively

Meanwhile, political meme coins have also seen a downturn, but many expect a short-term rally as the US Presidential debate on June 27 approaches.

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
US August CPI lands tonight: after a 5.4% PPI shock, will the Fed hike on September 16?US August PPI came in at 5.4% year-on-year, above the 5.3% consensus, with core PPI at 4.6%. Traders have pushed the odds of a 25bp Fed hike on September 15-16 to around 70%. Tonight's CPI is the last major inflation print before the decision — here is the full calendar, the consensus numbers, and what a hot versus cool reading would mean for the dollar, yields, gold and stocks.
Author  Irene Q.
Sep 11, Fri
US August PPI came in at 5.4% year-on-year, above the 5.3% consensus, with core PPI at 4.6%. Traders have pushed the odds of a 25bp Fed hike on September 15-16 to around 70%. Tonight's CPI is the last major inflation print before the decision — here is the full calendar, the consensus numbers, and what a hot versus cool reading would mean for the dollar, yields, gold and stocks.
placeholder
Brent tests $108 as a key export pipeline stays shut — can the rally clear $110?Brent crude rose 2.55% to $106.97 and WTI 2.32% to $102.30 as a major regional export pipeline remained offline with no restart timeline. Front-month backwardation has widened to $5.53 from $3.84 a week ago, European gas is at its highest since December 2022, and one analyst sees $119.48 if talks stall.
Author  Irene Q.
Sep 14, Mon
Brent crude rose 2.55% to $106.97 and WTI 2.32% to $102.30 as a major regional export pipeline remained offline with no restart timeline. Front-month backwardation has widened to $5.53 from $3.84 a week ago, European gas is at its highest since December 2022, and one analyst sees $119.48 if talks stall.
placeholder
Fed hike odds near 90% into Wednesday's decision — how to trade the dollar, gold and the S&P 500A 0.3% monthly core CPI print has lifted the market-implied probability of a 25bp Fed hike on 16 September to roughly 86.5% ~ 90%, which would be the first increase since July 2023. Here is the decision timeline, the pricing versus the forecasts, both scenarios, and the key levels for the dollar, gold and the S&P 500.
Author  Suzie
Sep 14, Mon
A 0.3% monthly core CPI print has lifted the market-implied probability of a 25bp Fed hike on 16 September to roughly 86.5% ~ 90%, which would be the first increase since July 2023. Here is the decision timeline, the pricing versus the forecasts, both scenarios, and the key levels for the dollar, gold and the S&P 500.
placeholder
Gold falls below $4,300 as higher US yields bolster Fed rate hike betsGold price (XAU/USD) tumbles to near $4,295 during the early Asian session on Tuesday. The precious metal faces some selling pressure as rising bond yields and surging energy prices strengthen expectations that the US Federal Reserve (Fed) will raise interest rates this week. 
Author  FXStreet
Yesterday 01: 23
Gold price (XAU/USD) tumbles to near $4,295 during the early Asian session on Tuesday. The precious metal faces some selling pressure as rising bond yields and surging energy prices strengthen expectations that the US Federal Reserve (Fed) will raise interest rates this week. 
placeholder
【Daily Brief】10-year Treasury yield briefly tops 5%, S&P 500 slips to 7,602 and the dollar firms at 99.3 as the Fed's decision eve beginsThe 10-year Treasury yield touched 5.014% on Monday — its first print above 5% since October 2023 — while the S&P 500 closed 0.48% lower at 7,619.98 and the dollar index firmed to 99.3. Here is the full market wrap ahead of Wednesday's FOMC decision, the dot plot and the August retail sales report, plus today's CLARITY Act Senate vote.
Author  Irene Q.
Yesterday 08: 16
The 10-year Treasury yield touched 5.014% on Monday — its first print above 5% since October 2023 — while the S&P 500 closed 0.48% lower at 7,619.98 and the dollar index firmed to 99.3. Here is the full market wrap ahead of Wednesday's FOMC decision, the dot plot and the August retail sales report, plus today's CLARITY Act Senate vote.
Related Instrument
goTop
quote