Solana Meme Coins Plummet: GME and MOTHER Lead the Decline
The past week has been challenging for Solana meme coins, with the majority experiencing declines of 20% to 50%. Among them, GME and MOTHER have suffered the most significant losses.
GME, inspired by but not affiliated with GameStop, has dropped 54% over the past seven days. This decline is likely linked to Keith Gill, known as Roaring Kitty online, sharing his portfolio on Reddit, revealing that he no longer held GameStop options that were once valued at $82 million.
Just last week, GME saw an incredible 467% rally after news broke that Roaring Kitty would return to live streaming after nearly three years. However, when his stream went live, GameStop’s share price was plummeting.
Meanwhile, MOTHER, a meme coin launched by rapper Iggy Azalea, has fallen 38% in the past week. The Australian rapper launched the coin on May 30, expressing her enthusiasm for the cryptocurrency space and hosting Twitter Spaces, attracting over 380,000 users.
In addition to GME and MOTHER, other Solana meme coins such as BODEN and michi, which had rallied earlier in the week, have seen significant downturns.
BODEN, a deliberate misspelling of U.S. President Joe Biden, has dropped 30% in the past week. The token saw a 9% rally after Hunter Biden, one of Joe Biden’s sons, was found guilty on three gun-related charges.
Michi, which gained 18% on Monday after pop star Ariana Grande shared the meme on her Instagram, has declined by over 26% in the past seven days.
Other Solana meme coin heavyweights like Dogwifhat (WIF), BONK, and Book of Meme (BOME) have also faced declines of 26%, 19%, and 18% respectively, over the past week.
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