Solana Meme Coins Suffer Heavy Losses

The past week has been tumultuous for Solana meme coins, with significant declines across the board. Notably, tokens such as GME and MOTHER have experienced substantial drops, shedding between 20% and 50% of their value.

GME, a meme coin inspired by the GameStop phenomenon, has plummeted by 54% following revelations about Keith Gill, also known as Roaring Kitty. Gill, famous for his bullish GameStop trades, disclosed on Reddit that he no longer holds any GameStop options—a move that likely influenced the meme coin’s sharp decline. Just a week earlier, GME had surged by 467% in anticipation of Gill’s return to live streaming, which coincided with a downturn in GameStop’s stock price during his broadcast.

MOTHER, another meme coin launched by rapper Iggy Azalea, has also taken a hit, dropping by 38% over the same period. Azalea’s entry into the cryptocurrency market on May 30 and her engagement on Twitter Spaces attracted significant attention but failed to sustain the initial excitement.

Other Solana-based tokens like BODEN and michi also faced downturns after brief rallies. BODEN, humorously named after U.S. President Joe Biden, fell by 30% despite a prior 9% increase linked to news about Hunter Biden’s legal issues. Similarly, michi, which rose 18% after pop star Ariana Grande promoted it on social media, subsequently declined by over 26%.

Even the more established Solana meme coins such as Dogwifhat (WIF), BONK, and Book of Meme (BOME) have not been spared, recording losses of 26%, 19%, and 18% respectively.

This week’s developments serve as a stark reminder of the volatility and unpredictability inherent in the cryptocurrency and meme coin markets, where investor sentiment can shift dramatically based on celebrity actions and social media dynamics.