The price of the popular ERC-20 meme coin FLOKI has taken a hit amidst fierce competition from Solana-based competitors.
FLOKI has nosedived 12% in the last 7 days to trade at $0.0002064, amidst a broader market pullback that has shaved the price of virtually all leading cryptocurrencies.
FLOKI’s descent is matched by a couple of other leading meme coins today.
Shiba Inu (SHIB), PEPE, and BONK all posted similar depreciation over the last seven days, according to CoinGecko.
However, many top Solana meme coins fared much better than their ERC-20 competitors and actually increased in price, the largest, DogWifHat (WIF), rose 20% since last Wednesday.
The largest meme coin by market capitalization, Dogecoin (DOGE), managed to weather the downturn well, and only shed about 5% to trade at $0.18 at the time of writing.
Meanwhile, market leaders Bitcoin (BTC) and Ethereum (ETH) also posted notable depreciation over the last week, no doubt setting the pace for much of the sell-off. Bitcoin is down 6.6% to $65,895, while Ethereum fell 8% to $3,308.
Over on FLOKI’s trading chart we can see significant but volatile appreciation in throughout much of last month. In early March, the token flirted with fleeting highs of near $0.0003, however, it has yet to reclaim that peak after a pullback bottomed out three weeks into the month below $0.0002.
FLOKI’s Relative Strength Index (RSI) is 37 and climbing. This indicates that the recent selloff has slowed down and traders can expect relative stability in the near term.
As FLOKI’s Novelty Fades, Solana’s Slothana Ambles In
FLOKI may have posted some bullish price action recently.
However, it will probably never flip stalwart rivals Dogecoin and Shiba Inu any time soon.
Dogecoin has a first-mover advantage, being over ten years old already, while Shiba Inu has an active ecosystem of developers helping add use and value to the token.
They’re also all based on the same species of dog.
However, perhaps it’s a good thing that the dog coin FOMO is fading. It’s time to spread the meme coin FOMO between other representatives of the animal kingdom.
How about a 420-friendly sloth with big dreams?
In just a few days, traders have poured $7.2 million into an ICO for new Solana meme coin Slothana ($SLOTH), in a bid to try and recapture some of that early upside potential of the network’s established funny tokens like Slerfs, DogWifHat and Bonk.
Solana’s latest meme sensation is a lazy critter who lives and works on the Solana blockchain. But with his permanently red eyes, he’s barely hiding the fact that he really doesn’t want to work. Oh no, : he want to go from 420 to $420 million.
There is word on the grapevine that Slothana is from the same team that launched Smog (SMOG), which rallied strongly after ending its presale and listing.
🌿🦥 Attention, fellow sloths! Poll time. Should we launch on DEX only, embracing the true spirit of decentralization and lazy trading? Or should we go full throttle, hitting up both CEX and DEX like the overachieving sloths we could be? Cast your vote below #slothana #memecoin
— Slothana (@SlothanaCoin) March 29, 2024
Details are scarce at present, but interested investors can join the presale by sending SOL to this address: EnSawje2vQSQKtGbPYdXEuYKm2sHgeLKJTqCmrDErKEA
To check out the project, Visit Slothana Here
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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