Snapshot
As Bitcoin struggles to break above the $64,000 level, Solana-based meme coins Dogwifhat and Bonk, along with major players Dogecoin and Shiba Inu, are losing steam, paring their recent gains.
Why It Matters
The performance of these meme coins is closely tied to the overall sentiment in the crypto market, which is currently grappling with Bitcoin’s consolidation phase. Investors and enthusiasts are keeping a close eye on these developments to gauge the market’s direction.
By the Numbers
- Dogecoin (DOGE) is down more than 1.5% in the past 24 hours
- Shiba Inu (SHIB) has lost 3% over the same period
- Dogwifhat, a Solana-based meme coin, is down more than 3%
- Bonk, another Solana-based cryptocurrency, is the worst performer among the leading altcoins, losing more than 8%
What’s Next
The future performance of these meme coins will largely depend on Bitcoin’s ability to break through the $64,000 resistance level. If Bitcoin manages to gain momentum, it could potentially reignite interest in the wider altcoin market, including meme coins.
The Big Picture
Despite the current consolidation phase, the crypto market sentiment has shifted back to “greed,” according to the “Fear and Greed” index. However, this excitement might be premature until Bitcoin establishes a clear upward trajectory. As the market evolves, investors should keep an eye on regulatory developments and the performance of other major cryptocurrencies like Monero, Avalanche, Algorand, and NEAR Protocol.
What do you think about the future prospects of Solana-based meme coins? Leave a comment below with your insights!
