4 of the top 6 losers of the week are memes

Although they are issued by smart contract blockchains with base layer coins like Ethereum (ETH) and Solana (SOL), meme coins have made much bigger gains in a shorter period of time than most cryptocurrencies. established

Bitcoin, for example, gained 347% from key price support at a low of $16,500 on December 31, 2022 to an all-time high Bitcoin price of $73,800 on March 14, 2024. Meanwhile, Ether earn 234% of a December price. 31, 2022 low of $1,200 to an Ethereum price high of $4,000 on March 11, 2024.

So what about meme coins?

Dogwifhat (WIF), a meme coin from Solana Program Library (SPL), wearing a dog in a knit cap, gained 700% this year on a monthly time scale when it reached its all-time high price of 3 $.25 in March. 14, the same day Bitcoin hit its ATH.

Pepe (PEPE), an Ethereum ERC-20 meme coin heralded by a cartoon frog with green skin and orange lips, gained 1,100% this year in just three months when it reached its all-time high price of 0.0000167 dollars on May 27. .

Bonk (BONK), a Solana Program Library (SPL) meme coin launched on December 25, 2022, returned the most profits to investors of any cryptocurrency in 2023. This was after rising 1,000% in a month at the beginning of December 2023. .

Are they investments in Meme Coins?

Meme coins themselves may periodically experience sudden rallies, during which the price of the coin against the dollar, stablecoins and base layer tokens goes parabolic. This is how memes post such huge gains.

In order to achieve these gains for their wallet, a trader needs to closely follow crypto news and social media channels and be ready to sell some of their memes at the right time.

Meme coins are also subject to equally sudden price drops.

Therefore, they are even more volatile investments than base-layer cryptocurrencies like Bitcoin and Ethereum.

Five of the top six price losers among the top 100 cryptocurrencies this week were meme coins.

1. Dog Daze: WIF price drops by 25%

In the seven days ending August 17, Saturday evening in Washington, DC, Dogwifhat fell 21% from above the $1.80 level to below the $1.40 level . During the week, WIF lost the ball by more than 25%.

Over the 30-day period, WIF is down 35% even after rebounding 27% daily from the Black Monday market freefall. So Dogwifhat was a dead cat this August.

2. BRETT (based) down 19% in one week

Brett-based tokens (BRETT), a meme currency issued and secured by Coinbase’s Ethereum Layer-2 base protocol (BASE), have fallen more than 19% in the past seven days. They ended the seven-day window down 17% from their average crypto exchange price on August 10.

Pepe’s Coinbase friend dropped the price chart from ten cents per token to eight cents per token during the week. But that puts the Coinbase meme coin on sale above its prices for most of the year since May.

3. Froggy traders sell PEPE 15% down

The leading Ethereum token PEPE currently ranks 25th among all cryptocurrencies by total market capitalization. This is impressive considering that the crypto was launched just last year during the spring of 2023.

The price of PEPE was down more than 11% in the seven days before Saturday evening in New York City, but fell more than 15% for the week. Pepe is one of those math coins with a bunch of zeros behind the decimal.

4. Sorry Solana: BONK Fails 12%

DeFi Layer-1 coin Solana is down the most this week among the top 10 cryptocurrencies, down 8% on the 7D chart, compared to Bitcoin down 2.6% and Ethereum, even for the week.

Meanwhile, Bonk (BONK), Solana’s largest meme doge coin, was one of the top five losers among the top 100 cryptocurrencies this week. The bonk price fell more than 12% to end the week.

The $1.25 billion market cap meme had a breakout last year after a historic sector-wide rally in the fourth quarter. When Solana’s price goes up, Bonk usually goes up even more. And when meme coins leave the exchanges, Bonk does very well too.

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