A trio of Solana tokens—Pudgy Penguins’ PENGU, Peanut the Squirrel (PNUT), and Popcat (POPCAT) have all jumped within the final 24 hours, whereas meme coin chief Dogecoin (DOGE) has remained comparatively flat in the identical timeframe.
DOGE, which is ranked inside the highest 10 crypto belongings by market cap, is down by simply 0.4% within the final day whereas the trio of Solana tokens have outperformed amid their itemizing on Robinhood. Dogecoin was exhibiting a achieve earlier Thursday morning, however has since dipped barely to a present worth of $0.165.
POPCAT, the highest cat-themed token on Solana, leads the best way, gaining greater than 20% en path to a present worth of $0.186 during the last day of buying and selling. The opposite new Robinhood listings, PENGU and PNUT, have gained 5.9% and 5.8%, respectively.
The bumps signify a broader aid rally for a number of the main Solana and Ethereum meme cash, which have been in free-fall for the higher a part of the month. That’s highlighted by losses of greater than 30% for DOGE and PEPE, two of the highest three largest meme cash by market cap.
Different notables, just like the U.S. president’s official Solana meme coin TRUMP and Dogwifhat (WIF) have additionally posted reasonable positive factors of two.5% and three.7%, respectively. The pair are each obtainable for buying and selling on Robinhood as nicely.
The positive factors for leaders are merely a reprieve for a bleeding meme coin market, nonetheless. In line with knowledge from CoinGecko, the meme coin market cap as a complete is down by 0.2% within the final 24 hours, falling just under $50 billion within the course of.
That’s a far cry from the numbers the sector held in late 2024, when “dog-themed” tokens alone represented a nearly $105 billion market cap at peak, in line with the coin monitoring platform.
The market has just lately reconsidered the future of meme coins, with some merchants going as far as to say that the “Pump.enjoyable days are over” amid the decline of the favored Solana token launchpad.
Pump.enjoyable is accountable for greater than 8 million token deployments since its launch, together with a number of the prime meme cash from this cycle like PNUT and Fartcoin (FARTCOIN), although its utilization stats have fallen sharply in latest weeks amid market turmoil.
Others although, like Stratos hedge fund founder Renneck Palley, beforehand instructed Decrypt that “meme cash are right here to remain.”
Meme coins are inherently extra risky and dangerous than different tokens, and are sometimes based mostly on related popular culture occasions and figures. They often rise sooner than different, extra established crypto tokens, however often crash in a hurry based mostly on components like altering sentiment, massive gross sales from “whale” holders, and strikes from dangerous actors.
Edited by Andrew Hayward
Every day Debrief Publication
Begin daily with the highest information tales proper now, plus authentic options, a podcast, movies and extra.
