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Solana and Ethereum Meme Coins Drop as GameStop Buzz Cools
Despite The rise of Bitcoin yesterday and today, cryptography meme coin the pump subsided as the meme stock craze around GameStop and Roaring Kitty cooled – and major tokens plummeted as a result.
GameStop-themed tribute cryptocurrency GME fell the most today: the SolanaThe Bitcoin-based token is down more than 44% and is trading for $0.006433, according to CoinGecko.
During the week, it was still up more than 1,240% – but today’s drop shows that traders are selling like Meme stock craze slows.
From large cap coins and tokens, Ethereum-based Pepe it has lost almost 4% of its value at a current price just below $0.00001. The token – launched last year – was another meme coin that was trending this week. Based on Ethereum Floki also fell today, dropping 5% to a price around $0.0002.
About that, Dog hat, which runs on the Solana network, has nearly lost 4% of its value, with data from CoinGecko showing the token costs $2.78. O Solana-based BONK is doing better, but is still down 2% on the day to $0.000024.
Dogecointhe leading meme coin by market value, rose 1% on the day to $0.151
Meme coins and tokens are cryptocurrencies typically inspired by Internet memes and jokes. They are very volatile and often disappear as quickly as they appear.
They returned after Bitcoin’s rise this year. But this week, they grew even more as rising demand for so-called meme stocks returned.
Meme stocks, traded on U.S. stock exchanges, are shares in companies that have a cult following on the Internet.
Stocks like GameStop and AMC Entertainment experienced a resurgence this week, after the Internet celebrity started his first race, Roaring Kitten (aka Keith Gill), posted online for the first time in nearly three years.
The mania appears to be subsiding now as traders cash out – some with massive gains.
Edited by Andrew Hayward
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment or other advice.