A trio of Solana tokens—Pudgy Penguins’ PENGU, Peanut the Squirrel (PNUT), and Popcat (POPCAT) have all jumped within the final 24 hours, whereas meme coin chief Dogecoin (DOGE) has remained comparatively flat in the identical timeframe.
DOGE, which is ranked inside the highest 10 crypto property by market cap, is down by simply 0.4% within the final day whereas the trio of Solana tokens have outperformed amid their itemizing on Robinhood. Dogecoin was exhibiting a acquire earlier Thursday morning, however has since dipped barely to a present worth of $0.165.
POPCAT, the highest cat-themed token on Solana, leads the way in which, gaining greater than 20% en path to a present worth of $0.186 during the last day of buying and selling. The opposite new Robinhood listings, PENGU and PNUT, have gained 5.9% and 5.8%, respectively.
The bumps characterize a broader aid rally for among the main Solana and Ethereum meme cash, which have been in free-fall for the higher a part of the month. That’s highlighted by losses of greater than 30% for DOGE and PEPE, two of the highest three largest meme cash by market cap.
Different notables, just like the U.S. president’s official Solana meme coin TRUMP and Dogwifhat (WIF) have additionally posted average beneficial properties of two.5% and three.7%, respectively. The pair are each out there for buying and selling on Robinhood as properly.
The beneficial properties for leaders are merely a reprieve for a bleeding meme coin market, nonetheless. In accordance with knowledge from CoinGecko, the meme coin market cap as an entire is down by 0.2% within the final 24 hours, falling slightly below $50 billion within the course of.
That’s a far cry from the numbers the sector held in late 2024, when “dog-themed” tokens alone represented an almost $105 billion market cap at peak, in line with the coin monitoring platform.
The market has not too long ago reconsidered the way forward for meme cash, with some merchants going so far as to say that the “Pump.enjoyable days are over” amid the decline of the favored Solana token launchpad.
Pump.enjoyable is chargeable for greater than 8 million token deployments since its launch, together with among the high meme cash from this cycle like PNUT and Fartcoin (FARTCOIN), although its utilization stats have fallen sharply in current weeks amid market turmoil.
Others although, like Stratos hedge fund founder Renneck Palley, beforehand informed Decrypt that “meme cash are right here to remain.”
Meme cash are inherently extra risky and dangerous than different tokens, and are usually primarily based on related popular culture occasions and figures. They generally rise sooner than different, extra established crypto tokens, however usually crash in a rush primarily based on elements like altering sentiment, giant gross sales from “whale” holders, and strikes from dangerous actors.
Edited by Andrew Hayward
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