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Solana-Based Memecoins Lead Losses Amid Crypto Market Sell-Off

02/09 10:23

According to Cointelegraph, Solana-based memecoins Popcat and Dogwifhat have experienced significant losses over the past week amid a broader sell-off in the cryptocurrency market. Popcat (POPCAT) saw the largest decline among the top 10 memecoins by market cap, dropping 27.7% from $0.75 on August 26 to $0.56. Dogwifhat (WIF) followed closely, with a 26.6% decrease from $1.90 to $1.41 during the same period, according to CoinGecko data. The top 10 memecoins by market cap have all posted double-digit losses over the past week. This trend is part of a wider sell-off that has also affected major cryptocurrencies like Bitcoin (BTC) and Ether (ETH), which have fallen by 10.5% and 11.3% respectively. Despite these significant declines, traders are preparing for further losses in the coming weeks. Pseudonymous market commentator Byzantine General noted in a September 1 post that September has historically been the worst month for the crypto market, with an average monthly return of -4.64% for Bitcoin since 2013. However, October and November are typically stronger months for crypto performance, with Bitcoin posting average gains of 22.9% and 46.81% respectively during these months. Crypto trader Awawat shared similar sentiments with his 109,000 followers on X, indicating that he expects more bearish sentiment in the short term, with a major recovery unlikely until October. He also mentioned that minor bursts of volatility could be expected due to economic data releases from the US Bureau of Labor Statistics and comments from Federal Reserve Chair Jerome Powell. As the market braces for more volatility, traders and investors are looking ahead to the potential for recovery in the coming months, particularly in October and November, which have historically been strong periods for the cryptocurrency market.

Tăng giá

Bearish