Meme Coins from Dogecoin to BONK Deep in the Red – a Market Overview

The crypto markets have slipped, led by Bitcoin (BTC), with meme coins being hit particularly hard. In addition to price losses, Dogecoin, BONK, PEPE and Co. are also experiencing new competition, which is making history in the SLERF case.

Six meme coins are listed among the 100 cryptocurrencies with the highest capitalization; the division is known for its price capriciousness. After some insane price gains this year, Dogecoin (DOGE) and its imitators are currently heading downwards. The price curves of leading meme coins, including BONK and PEPE, have fallen by 20 percent or more over the last seven days. The crypto reserve currency Bitcoin (BTC) “only” lost 14 percent in the same period, which confirms the observation: When Bitcoin weakens, this is increasingly reflected in meme coins.

But the controversial genre of meme coins also has surprises in store in the current situation. Firstly, there is dogwifhat (WIF) . This meme coin, which was only launched at the end of 2023, temporarily achieved a new all-time high last week and dogwifhat has overtaken its competitor BONK in market capitalization. Both WIF and BONK are native to the Solana (SOL) ecosystem . Two stories are currently taking place there, SLERF and Book of Memes (BOME), which reveal a lot about the madness of meme coins.

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Book of Memes (BOME) and SLERF are causing a stir

At BOME, the world’s largest crypto exchange Binance was forced to investigate allegations of insider trading. An unknown trader bought Book of Memes worth $2.3 million from Binance just hours before the stock market debut, the value of which roughly tripled at the start of trading. Did an employee here take advantage of the information that Binance would list BOME? On​ ​

There are also wild things to report from SLERF. The initiator of the project, who has so far remained anonymous, had to admit on Monday before the launch via ” had. The developer thus created a new meme and despite – or because of? – of the catastrophic false start, SLERF is currently achieving momentum with daily trading volumes of over 2 billion US dollars, which demonstrates huge attention.

Conclusion: Meme coins are high-risk darlings

New waves of meme coins are constantly being brought onto the market and some early investors have made a killing. But Dogecoin is 80 percent away from its all-time high from 2021, Shiba Inu (SHIB) is 70 percent away, and BONK is 50 percent away.

Medium and long-term investment strategies for meme coins usually do not work and you should be aware of the above-average risks that are always associated with meme coins. Blindly jumping on the latest meme coin bandwagon can have brutal financial consequences.

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(Featured image by Kevin_Y via Pixabay)

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