Meme Coin Round Up – Hit Hard By the Recent Crypto Market Drop
The meme coin market has been hit hard by the recent crypto market downturn, with major players like Dogecoin (DOGE), Shiba Inu (SHIB), and Bonk (BONK) all experiencing substantial losses over the past few days.
Dogecoin has dropped over 12% in the last 3 days, while Shiba Inu and Bonk have seen declines of 15% and 18%, respectively. The broader meme coin index has plummeted by nearly 20% during this period, underperforming the overall crypto market.
Analysts attribute this slump to the bearish sentiment gripping the entire crypto space, with Bitcoin and Ethereum recording double-digit losses. The macroeconomic uncertainty and concerns over potential interest rate hikes have weighed heavily on the speculative meme coin sector.
Earlier this week, popular singer Jason Derulo launched his meme coin, $JASON. It saw a strong debut, gaining over 30% on its first day of trading and ending up as a rug.
Similarly, rapper 50 Cent X’s account was hacked, and the hacker launched a quick pump and dump that did over 8000% before crashing.
Bonk (BONK) Plummets 18% as Solana Ecosystem Struggles
One of the hardest-hit meme coins in the recent downturn has been Bonk (BONK), a Solana-based project that has gained noteworthy traction in the past few months. In the last 3 days, BONK has seen an 18% decline.
The ongoing struggles within the Solana ecosystem have also exacerbated the decline in BONK’s price. As a Solana-based project, BONK’s performance is closely tied to the health of the Solana blockchain.
In recent weeks, the Solana network has faced several technical issues and outages, which have weighed heavily on Solana-based projects like BONK. Investors are increasingly concerned about the long-term viability of the Solana blockchain, and this sentiment has translated into selling pressure on BONK.
Dogecoin (DOGE) and dogwifhat (WIF) Face Volatility
While Dogecoin and Dogwifhat previously led the meme coin market, both have recently faced volatility and slower growth. Dogecoin (DOGE) has seen a 12% decline in the past 3 days amid the broader crypto market selloff. However, Arthur Hayes remains bullish on DOGE, claiming he has doubled down on the meme coin.
I'm loving this choppy sideways to down shitcoin price action. I'm adding to my bags of $PENDLE and $DOGE.
— Arthur Hayes (@CryptoHayes) June 19, 2024
Dogwifhat (WIF) has also struggled, plunging over 35% in the last 30 days despite a 950% YTD gain. Crypto analyst Bluntz predicts a potential countertrend to $3 for WIF soon.
even though i think on high timeframe $WIF looks cooked and destined for $1 i also believe a 50% bounce first could be on the cards.
we can see 5 waves down from the $4 lower high and nice bull divs on 4h,8h, and 12h.
Expecting a countertrend abc up to around $3-3.4 to rope… https://t.co/rWf2aHFLqG pic.twitter.com/z5Sr6YVXRP
— Bluntz (@Bluntz_Capital) June 16, 2024
However, a whale depositing millions to Binance caused WIF to drop 11% in a single day. WIF and FLOKI fell out of the top 50 cryptocurrencies in June due to over 50% declines.
Jason Derulo Launches $JASON Meme Coin, But Faces Backlash
Earlier this week, popular singer Jason Derulo announced the launch of his meme coin, $JASON. The token saw a strong debut, gaining over 30% on its first day of trading.
Damn Sahil got me 🤦🏾♂️! That’s ok, that’s motivation to take this all the way! I just bought 20k worth. In this for my fans for the long hall, going to do everything in my power to send this shit to the moon. Updating dex screener shortly. pic.twitter.com/eCJtZlo5yt
— Jason Derulo (@jasonderulo) June 24, 2024
Derulo’s involvement in the meme coin space has faced major backlash. Within minutes of its launch, the price of $JASON plummeted by over 72%, leading to widespread disappointment and criticism from investors and the crypto community.
Derulo has blamed the incident on Sahil Arora, an individual with a history of involvement in controversial cryptocurrency projects. While Derulo has vowed to rectify the situation by purchasing $20,000 worth of $JASON, skepticism remains about his role and potential culpability in the token’s collapse.
Despite initial community criticism, the $JASON token has surged more than 150% in the past six hours. Amid a bearish market trend, $JASON has become one of the top gainers today, ranking 18th on Dexscreener’s list of top gainers.
50 Cent’s Twitter Hacked, Promoting Pump and Dump
On June 22, Rapper 50 Cent’s Twitter account was compromised by hackers who used the platform to shill a token called GUNIT. The hackers claimed GUNIT was “the new 50 Cent token” and urged followers to buy it despite 50 Cent’s lack of involvement with the project.
My Twitter & https://t.co/iaLj5OUvRT was hacked I have no association with this Crypto. Twitter worked quickly to lock my account back down. Who ever did this made $3,000,000 in 30 minutes. pic.twitter.com/I07Eqpc2xl
— 50cent (@50cent) June 23, 2024
The GUNIT token saw a massive price spike following the Twitter promotion, surging by more than 8000%, only to crash shortly after as investors realized it was a classic “pump and dump” scheme orchestrated by the hackers.
The involvement of high-profile figures like Jason Derulo and 50 Cent in the meme coin market suggests that there is still investor appetite for these speculative crypto markets, even during the broader crypto market downturn.
Rizz Meme Coin Founder Witnesses 90% Drop in Value During X Live Presentation
On June 23, the founder of the Rizz meme coin found himself in a precarious situation during a live presentation on X.com, as the value of his cryptocurrency plummeted by a staggering 90% in just minutes.
According to the report, the Rizz founder was pitching his meme coin project to the audience when the dramatic price crash occurred. Cryptonews quickly picked up on the incident, with many expressing shock and disbelief at the scale of the value drop.
The sudden and steep decline in the Rizz token’s price has raised concerns about the project’s long-term viability and the founder’s ability to manage and market the meme coin effectively. While the exact reasons behind the Rizz price plunge are still being investigated, the incident serves as a cautionary tale for investors in the meme coin space.
However, despite its sudden dip yesterday, Rizz has risen 360% in the last 24 hours with 210K locked liquidity and $2.8M Market Cap.
The past week to last weekend has seen huge selling pressure on meme coins and has generally affected the entire market. It even pushed Bitcoin below $61K, indicating strong investor sentiment and a potential shift in market interest.
