Meme coins are facing big losses as Bitcoin's price drops below $65,000. While Bitcoin is down, meme coins like the one linked with Solana and Pepe have also taken hits after surging last week.
The Solana-related token reached new highs late last year and in March but has now corrected. Despite this, it's still up by more than 3,400% in the past year.
Pepe, another meme coin, has fallen by over 12%. Yet, it's still up by 40% in the last month.
Among the top 20 cryptocurrencies, meme coins like Dogecoin and Shiba Inu have dropped more than Bitcoin. Dogecoin is down by 7% in the past day, now at $0.18, while Shiba Inu has lost nearly 7%.
In contrast, Dogwifhat, last week's top gainer, has only dropped by about 1%.
Meme coins are digital assets inspired by internet memes and pop culture. They are known for their unpredictable price swings, sometimes skyrocketing or crashing suddenly.
These coins have gained momentum due to Bitcoin's rise. Trading of meme coins on Solana hit a record high in March. Ethereum's scaling network Base also saw increased meme coin activity recently.
