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Solana meme coins see steep correction as bull market enthusiasm fizzles out

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Cryptocurrencies

The rally in Solana-based meme coins is losing momentum on Thursday after these tokens have yielded massive gains for holders in the past week.

Crypto traders’ belief in a bull market has reduced significantly since October 2023. Santiment analysts say that less long-term optimism among market participants shouldn’t necessarily weigh on prices. Solana-based meme coins Dogwifhat, Bonk, Slerf or Ponke see steep corrections on Thursday. The recent market-wide correction in crypto, with Bitcoin declining below the $70,000 level, has driven meme coin prices lower on the daily time frame.

Solana-based meme coins suffer price decline. While the meme coin party may have ended abruptly, on-chain analysts at crypto intelligence tracker Santiment believe that the crypto market is still in a bull run. The enthusiasm among market participants seems to have thinned out since October, however, analysts state that less long-term optimism is not typically a warning sign for prices.

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