Solana Meme Coins Suffer Worst as Crypto Collapses

As almost all the top 100 cryptocurrencies are decimated, meme coins on major blockchains are the worst sufferers. Solana’s meme coin ecosystem took a hit, while some of its main coins lost a quarter of their value overnight.

Solana (SOL) meme coins in red; MEW, MYRO, BONK affected

The segment of Solana-based meme coins is officially the main victim of yesterday’s crypto dropdown. With a painful 20% plunge, it demonstrates the largest losses amid all the 225 groups on CoinGecko’s “Categories” tab.

It should also be noted that another meme category, “Cat-Themed Coins” is the sixth worst sufferer in the list.

As such, Solana’s (SOL) meme coins scene saw $1.5 billion of its capitalization erased by the ongoing cryptocurrency collapse.

Amid all large Solana (SOL) meme coins, the recent newsmaker Cat in a Dogs World (MEW) lost the most: Its price dropped by 29%.

Myro (MYRO) is down by 24%, while Dogwifhat (WIF) and Bonk (BONK) are posting double-digit losses.

Layer 1 blockchains and CEXes look strong amid bloodbath

The aggregated capitalization of the cryptocurrency market plunged by 4.7%, while Bitcoin (BTC) and Ethereum (ETH) lost 3% and 6%, respectively.

Theta Ecosystem and game-centric coins are also among the worst performers together with governance coins of perpetuals exchange protocols and cross-chain communication products.

Just like in many previous dropdowns, centralized exchanges’ coins and native currencies of major L1s are the strongest.

Affected by U.S. macroeconomic uncertainty and Middle East tensions, Bitcoin (BTC) dropped from $71,000 to below $68,000 in almost no time yesterday.