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
Crude Oil Price Forecast: Can Brent Hold $100 Amid Hawkish Fed Rate Hikes and Easing Supply Concerns? International oil prices continued to fall after the Federal Reserve resumed rate hikes in September. On Wednesday, WTI crude dropped 3.28% to settle at $102.02 per barrel; Brent crude fe
Author  TradingKey
7 hours ago
International oil prices continued to fall after the Federal Reserve resumed rate hikes in September. On Wednesday, WTI crude dropped 3.28% to settle at $102.02 per barrel; Brent crude fe
placeholder
Dow drops 631 points as the Fed hikes — but futures are rebounding: what's next for US stocks?The Dow fell 631 points and the S&P 500 closed below 7,600 after the Fed hiked rates for the first time since 2023, with the dot plot showing 16 of 18 officials expect more tightening. Asia-session futures are already recovering — here are the levels and analyst views that decide whether 7,500 holds.
Author  Irene Q.
15 hours ago
The Dow fell 631 points and the S&P 500 closed below 7,600 after the Fed hiked rates for the first time since 2023, with the dot plot showing 16 of 18 officials expect more tightening. Asia-session futures are already recovering — here are the levels and analyst views that decide whether 7,500 holds.
placeholder
Dollar index tops 100 for the first time since July as the Fed's hawkish dot plot sinks inThe U.S. dollar index broke back above 100 for the first time since 31 July after the Fed delivered its first rate hike since 2023, with the dot plot showing 16 of 18 officials expect at least one more increase this year. Here are the levels that matter for DXY, the currencies feeling it most, and what to watch next.
Author  Irene Q.
15 hours ago
The U.S. dollar index broke back above 100 for the first time since 31 July after the Fed delivered its first rate hike since 2023, with the dot plot showing 16 of 18 officials expect at least one more increase this year. Here are the levels that matter for DXY, the currencies feeling it most, and what to watch next.
placeholder
TradingKey Daily Market Briefing: Fed Raises Rates by 25 Bps, May Hike Again This Year; Gold Tumbles as Intel Rises 4%On September 16, Eastern Time, US stocks rose before pulling back following the Federal Reserve's rate decision announcement for September. The Fed unanimously decid
Author  TradingKey
16 hours ago
On September 16, Eastern Time, US stocks rose before pulling back following the Federal Reserve's rate decision announcement for September. The Fed unanimously decid
placeholder
September Fed Rate Decision Preview: Is a Rate Hike a Foregone Conclusion? US Stocks, Dollar, and Gold Face a Critical TestThe Federal Reserve will announce its September interest rate decision at 2:00 p.m. ET on Wednesday (September 16), followed by a press conference held by Fed Chair Kevin Warsh at 2:30 p.
Author  TradingKey
Yesterday 10: 14
The Federal Reserve will announce its September interest rate decision at 2:00 p.m. ET on Wednesday (September 16), followed by a press conference held by Fed Chair Kevin Warsh at 2:30 p.
Related Instrument
goTop
quote