Solana Meme Mania Melts Down: Hype Drains After Brutal Coin Price Crashes

  • BONK’s price tumbles, but trading spikes signal investor interest in a potential rebound.
  • The WIF market sees intense volatility hit an all-time low and highs in just seven days.
  • ANALOS’s price dip follows an all-time high, yet increased trading volume suggests market optimism.

Despite SOL trading above $110, bearish hands have come in after a bullish spike in the Solana memecoins. As a result, the prices of Bonk (BONK), dogwifhat (WIF), and analoS (ANALOS) have fallen significantly. The rapid surge in adverse sentiment has led these memecoins to lose significant value, causing investors to be concerned. This retreat, however, could provide a purchasing opportunity for investors who missed out on the first gain.

BONK/USD

Bulls in the Bonk (BONK) market have sharply risen in recent weeks, reaching an all-time high of $0.00003419 on December 15. However, the upward bounce has peaked, with the price backtracking by more than 54% since then, according to CoinMarketCap. Furthermore, a negative mood persisted in the last 24 hours despite starting the day with bullish momentum. 

As a result, the price of BONK fell from an intra-day high of $0.00001824 to a low of $0.00001496, where support was found. At press time, the BONK price was trading at $0.00001551, representing a 14.50% drop from the intraday high.

BONK/USD 24-hour price chart (source: CoinStats)

While the market capitalization of BONK fell by 14.52% to $944.67 million, its 24-hour trading volume increased by 38.91% to $285.57 million. Despite the recent price drop, the rise in trading volume implies more significant activity and interest in the BONK coin. It means that investors are actively buying and selling the token, which could indicate a change in market sentiment or a purchasing opportunity for traders.

WIF/USD

Bull bear’s fight for dominance in the dogwifhat (WIF) market has been intense. As a result, WIF/USD has reached an all-time low of $0.105 and an all-time high of $0.3313 in the last seven days. 

However, the upward trend has been reversed, with price bears gaining the upper hand in the last 24 hours and lowering the WIF price to $0.1468, a 17.28% drop from the intra-day high. This fall represents a 56.11% drop from the all-time high but a 38.42% increase from the all-time low.

WIF/USD 24-hour price chart (source: CoinStats)

Despite the recent price decrease, WIF’s 24-hour trading volume increased by 129.87% to $69.09M, indicating that there is still strong interest and activity in the WIF market. This rise in trading volume could signal that investors are taking advantage of the dip to purchase additional WIF at a lower price, potentially indicating a quick rebound.

ANALOS/USD

Bullish momentum has recently dominated the analoS (ANALOS) market, reversing the bearish trend that dropped the price to an all-time low of $0.0002726 on December 22. This bull activity peaked on Christmas, with the bulls reaching an all-time high of $0.002169, according to CoinMarketCap, before encountering some resistance. 

However, the bullish trend has retraced in the recent 24 hours, with bears driving the price to an intra-day low of $0.0003601 before recovering slightly. At press time, ANALOS was trading at $0.0006197, a 59.28% drop from the intraday high and a 74.53% drop from the all-time high.

ANALOS/USD 24-hour price chart (source: CoinStats)

Despite the recent price decrease, the 27% increase in 24-hour trading volume to $134.51M indicates that there is still significant interest and activity in the market. This rise in trading volume could imply that investors are taking advantage of cheaper pricing to purchase more ANALOS tokens, potentially foreshadowing a move toward a more bullish sentiment soon.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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