Solana-Based Meme Coins Withstand Market Drop to Post Encouraging Gains

Memecoins created on the Solana SOL/USD blockchain withstood the overall market drop on Monday to post encouraging gains.

Memecoins on the Solana (SOL) blockchain showed resilience amid the overall market decline on Monday, posting impressive gains.

What Happened: Among the billion-dollar capitalization meme coins, Bonk (BONK) emerged as the best performer in the last 24 hours and the third-best cryptocurrency overall, surging over 8%.

The token witnessed a surge in trading volume of 92% to $486 million, indicating increased demand.

Meanwhile, Dogwifhat (WIF), the largest memecoin on Solana by market capitalization, gained 4.6%, adding to its weekly gains of over 40%. Both BONK and WIF were up more than 40% over the week.

Popcat (POPCAT), the cryptocurrency market’s biggest gainer this year, also traded in the green. The feline-themed coin was up a massive 12,317% year-to-date.

On the other hand, blue-chip meme currencies like Dogecoin (DOGE) and Shiba Inu (SHIB) retraced 3.90% and 1.68%, respectively. The total meme coin market valuation shrank nearly 5% in the last 24 hours.

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The strong performance of Solana-based meme coins came as the broader market declined due to escalating geopolitical tensions in the Middle East.

Bitcoin (BTC), the market bellwether, was down 1.36% in the last 24 hours, while Ethereum (ETH) traded flat at the time of writing. Solana’s native coin, SOL, lost 1.35% from yesterday.

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