Solana, Ethereum Meme Coins Dip as GameStop Buzz Cools

Despite Bitcoin’s rise yesterday and today, the crypto meme coin pump has subsided as the meme stock craze surrounding GameStop and Roaring Kitty cools off—and major tokens have plunged as a result.

The GameStop-themed tribute cryptocurrency, GME, has crashed the hardest today: the Solana-based token is down over 44% and is trading for $0.006433, according to CoinGecko.

Over the week, it’s still up by over 1,240%—but today’s drop shows that traders are selling as meme stock mania slows down.

Of the large-cap coins and tokens, Ethereum-based Pepe has shed close to 4% of its value at a current price just below $0.00001. The token—which launched last year—was another meme coin that had been on a run this week. Ethereum-based Floki has also dipped today, dropping by 5% to a price around $0.0002.

Meanwhile, Dogwifhat, which runs on the Solana network, has nearly lost 4% of its value, with CoinGecko data showing that the token is priced at $2.78. The Solana-based BONK is faring better but is still down 2% on the day to $0.000024.

Dogecoin, the leading meme coin by market cap, is actually up 1% on the day to $0.151

Meme coins and tokens are cryptocurrencies that are typically inspired by Internet memes and jokes. They are very volatile and often disappear as quickly as they spring into existence.

They have made a comeback following Bitcoin’s surge this year. But this week, they boomed even more with the return of surging demand for so-called meme stocks.

Meme stocks, which trade on U.S. stock exchanges, are shares of companies that have a cult-like following on the Internet.

Such stocks, like GameStop and AMC Entertainment, experienced a resurgence this week after the Internet celebrity who kicked off their first run, Roaring Kitty (aka Keith Gill), posted online for the first time in nearly three years.

The craze appears to be now dying down, though, as traders cash out—some with massive gains.

Edited by Andrew Hayward

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The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

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