Solana Memecoin Frenzy Cools Down After Binance Itemizing

• Solana memecoins PNUT and ACT are down 10.38% and 9.48% prior to now day.
• PNUT and ACT have crashed 36.94% and 43.34% prior to now week alone.
• Largest Solana memecoin BONK has surged 31% within the final seven days.

Regardless of Bitcoin reaching a brand new all-time excessive, the memecoin frenzy on the Solana blockchain seems to be cooling down. Solana memecoins, Peanut the Squirrel (PNUT) and Act I: The AI Prophecy (ACT), have skilled important worth drops following their latest itemizing on Binance. This downturn casts a shadow on the sustainability of the memecoin hype and highlights the dangers of investing in such risky belongings.

Each bought listed on Binance, the world’s largest digital asset buying and selling platform however each crashed considerably; PNUT by 10.38% to $1.44 and ACT by 9.48% to $0.4791.

Learn additionally: PEPE, PNUT, and PONKE: The Memecoin Trifecta Taking Over

Previously seven days alone, ACT has crashed 43.34%, whereas PNUT has misplaced 36.94% of its worth. PNUT is buying and selling at a 40.72% low cost to its all-time excessive of $1.44, whereas ACT is down 48.61% from its all-time excessive of $0.942.

Earlier than their Binance itemizing, these cryptocurrencies had seen monumental positive aspects. Based on CoinMarketCap knowledge, ACT was up 1690.21%, and PNUT surged 2634.67% prior to now month, outperforming most altcoins and producing important earnings for holders.

The Dangers and Rewards of Investing in Solana Memecoins

Memecoins are extraordinarily risky and speculative belongings that derive their worth from hype. Whereas Dogecoin (DOGE) and Shiba Inu (SHIB) lead the memecoin sector, Solana-based memecoins have been outperforming these two over the previous 12 months or so.

For instance, Bonk (BONK), the highest Solana memecoin, surged 5.9% prior to now hour and 31.7% prior to now seven days. Nonetheless, dogwifhat (WIF) dropped 22.4% prior to now week, and Popcat (POPCAT) is down 19.9% within the final seven days. CoinGecko knowledge reveals that the overall valuation of Solana memecoins stands at $20.8 billion.