Summary
TLDR: Meme coins like Dogecoin and Shiba Inu are down slightly following a Bitcoin flash crash, but are still performing relatively well. Newer meme coins on Solana are experiencing steeper drops, with some losing significant value. The recent trend of “presale meta” on Solana has led to some controversial projects. Slerf, a new meme coin, saw a dramatic increase in value after the developer accidentally burned the entire presale airdrop allocation. Jupiter, a decentralized exchange aggregator, announced it would donate SLERF trading fees to impacted users. The JUP token is the biggest loser in the top 100 cryptocurrencies by market cap today, despite having a strong week overall. Solana has also dropped significantly in value.
Key Points
1. Meme coins tend to spike when Bitcoin and the broader crypto market are in the green, and crash harder than average when it’s in the red.
2. Higher-cap meme coins like Dogecoin (DOGE) and the Ethereum-based Shiba Inu (SHIB) aren’t faring too badly in the recent market conditions.
3. Recent Solana meme coins, including BONK and Book of Meme (BOME), have experienced significant drops in value, indicating a shift in investor sentiment towards these newer tokens.