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While the broader cryptocurrency market is flat, meme coins have had a tough time today, recovering from recent highs.
Solana-based Dogwifhat (WIF) continued its decline from its all-time high on March 31, falling double digits overnight. The cryptocurrency is currently down 15.9% on the day and 10.4% on the week and is trading at $3.26 per CoinGecko data.
Other dog-themed coins also fell over the past day, including Dogecoin (DOGE) down 4.9%, Floki Inu (FLOKI) down 6.4%, and BONK down 5%. Among the dog coin categories, only Shiba Inu (SHIB) shows a flat trend on the day, but maintains a 13.3% decline during the week.
Elsewhere in the meme category, PEPE was down 7% on the day, while Solana-based Book of Meme (BOME) was down 12.9% at $0.01351.
Bitcoin’s decline to $65,000 earlier this week continued a broader trend of meme coins reversing last week’s rally. Overall, the meme coin category is down 18.5% over the past week, according to data from CoinGecko.
But that fall must be seen in context. A week ago, Dogecoin surged above $0.20 for the first time since 2021. On the same day, WIF hit an all-time high and continued to rise until hitting $4.83 on March 31.
The memecoin asset class has risen this year alongside the surge in Bitcoin prices. Solana It is becoming a center of trading activities.
In March, the chain saw record trading volumes on decentralized exchanges (DEXs) driven by meme coins like Dogwifhat. DEX in use Ethereum Scaling Network Base also broke records last weekend, with the meme coin gold rush recording $1.22 billion worth of trading volume.
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