The top tokens of the meme category continue to bleed, highlighting a negative price action of these tokens currently in the crypto space. Moreover, top tokens have recorded a correction of over 10% in their respective portfolio, indicating an increased selling pressure in the crypto industry.
On the other hand, memecoins on the Solana ecosystem have displayed a significant correction over the past seven days, indicating a strong bearish reversal in the crypto industry. Top tokens such as BONK and MYRO have each recorded a correction of 6.50% and 20%. Positively, the WIF tokens display an upward trend in the chart.
Smog (SMOG): Smog (SMOG) is another sensational Solana-based memecoin that is on the path of gaining massive price action this year. Further, this project has been speculated to be a potential upcoming 100X gem of the Solana ecosystem. The Smog token had made its first appearance with a massive airdrop of 35%.
At the time of writing, the price of one SMOG token was $0.2005, with a circulating supply of 778,999,968 Smog tokens and a market cap of $155,878,155 Million. With the potential to be listed on the Binance exchange, the Smog price is predicted to experience massive action this year.
Loaf Cat (LOAF): The LOAF token is a Solana-based project that was created with the vision of becoming the Meme For All Humanity token. It is presently handling multiple projects, which include gaming and payment solutions that have the potential to make a significant difference in the industry.
At the time of writing this article, the LOAF price had a trading price of $0.000207 and a market cap of $21.31 Million. Further, the circulating supply of the memecoin is 100 Billion, which is also its total supply.
Myro (MYRO): The Solana ecosystem continues to gain significant attention from the cryptocurrency industry due to its increased price volatility. The MYRO token gained massive attention from the market following its launch, which resulted in it recording a surge of approximately 1,250%.
With a circulating supply of 944,203,815 and a total supply of 999,981,491, the MYRO token is on the path of making a significant impact in the crypto industry this year. This current price of 1 Myro (MYRO) token is $0.3085 and has a market cap of $291,373,030.
Conclusion: The memecoin category continues to record a mixed sentiment, highlighting uncertainty in the future price action of the industry. Further, the hype of Solana-based tokens continues to increase, indicating a positive outlook for the price in the long term perspective.
Note: Investing in this category is a high-risk investment as memecoins are highly volatile and are popularly known to display massive price movements in their respective portfolios within a short period. Make sure to do detailed research before investing in any digital asset.
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Elena R Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing – accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.
