A sea of red has devastated meme coins today, with the sector’s total market cap tumbling by 11.5%.
However, emerging ICO crypto Slothana continues to thrive, swiftly approaching the $6 million total raised mark in just seven days.
Meme Coin Prices Plunge Amid Broader Market Struggle
It’s not only meme coins experiencing hardship today; the broader crypto market has also dumped due to a poor Bitcoin performance.
Renowned analyst Crypto Ash attributed this to four primary factors: Grayscale Bitcoin outflows, excessive leverage, a pre-halving correction, and troubling macroeconomics.
Similarly, Bloomberg reported that meme coins are experiencing difficulty “as the path to looser monetary policy in the U.S. becomes more challenging.”
Over the past 24 hours, Dogecoin and Shiba Inu have fallen 9%, while Pepe and Bonk are down 13%. Dogwifhat has held the strongest of the top six meme coins, down by 7%.
The sector’s selloff has outpaced the market average, falling 10% while the total crypto market cap fell by 6%. This reflects traders selling their “higher risk” assets due to the market turbulence.
However, the meme coin sector’s volatility has also caused a spike in trading activity, with its 24-hour volume up 16% to $11.5 billion.
Analysts have mixed opinions on the upcoming trajectory of meme coins.
On the one hand, EmperorBTC speculates that the market selloff is a “meme coin cleanse,” alluding that the market became euphoric and overextended due to the high-octane meme coin activity of recent weeks.
In an earlier tweet, the analyst said, “Meme coins make our community look bad and are useless waste.”
However, other prominent analysts are embracing the light-hearted phenomena, with Wizard Of SoHo suggesting that meme coins have transcended into the “Main narrative of this cycle.”
“Memecoin isn’t a season anymore… They are the captain now. Memecoin “season” ends when the cycle ends,” he wrote.
Indeed, this sets an immensely bullish outlook for the sector, and intertwined with mainstream coverage in outlets like Bloomberg, it seems the dog coins will not go down without a fight.
However, a new sloth-themed meme coin looks to climb the ranks as its presale raises almost $6 million in one week.
Trending Slothana Presale Raises $6M As Rumors Spread That 100X Smog Team Is Behind It
On the surface, Slothana is a lazy Sloth-themed meme coin looking to lay back and go from “420 to $420 million market cap.”
Its presale is ongoing, and investors can send SOL to the project’s wallet or connect their wallet to the Slothana website to buy. A single-tiered pricing system is at play: 1 SOL gets 10,000 $SLOTH.
While this may seem standard, its spectacular total raise says there is more to this project than meets the eye.
Slothana could be the next revelation in the Solana meme coin saga, which saw projects like BOME and SLERF make countless multimillionaires.
But besides its notable early success, another factor pointing to this is rumors that the Smog team created Slothana.
Smog launched in February and soared 100x to a $200 million market cap in a couple of weeks. Therefore, this would present a resoundingly bullish outlook for $SLOTH if the rumors are true.
Adding to the excitement, beady-eyed sleuths spotted an undeniable connection. The Smog account commented on Slothana’s first X post when it had under 50 followers, which indicates that the teams are aligned at the very least.
But despite its potential, market participants risk missing the presale. There is no predetermined hard cap, meaning it could end at any time. As such, potential buyers must act quickly.
