The past 7 days have been rough for Solana meme coins, with the vast majority of tokens decreasing between 20% and 50%. Amid the ongoing rout, GME and MOTHER were hit the hardest.
GME, which is not affiliated with but rather inspired by GameStop, is down 54% in the past 7 days. This is likely due to Keith Gill, better known online as Roaring Kitty, sharing his holdings on social media platform Reddit, which showed that the meme stock mascot no longer held GameStop options, which were once worth $82 million.
Last week, GME witnessed an astonishing rally of 467% after it was revealed that influential trader Roaring Kitty would return to live-streaming after a hiatus of nearly 3 years. But when his stream went live, the GameStop share price was tanking.
Meanwhile, MOTHER—a meme coin launched by rapper Iggy Azalea—has plummeted by 38% in the past 7 days.
The Australian rapper launched the meme coin on May 30. She also expressed her love for the cryptocurrency space and hosted Twitter Spaces, a feature that allows users to host live audio interactions in a group environment, which drew the attention of more than 380,000 Twitter users.
Apart from GME and MOTHER, Solana meme coins like BODEN and michi, both of which rallied earlier in the week, have witnessed a sharp downtick.
BODEN, an intentional misspell of incumbent U.S. President Joe Biden, is down 30% in the past 7 days. The token rallied 9% after Hunter Biden, one of Joe Biden’s sons, was found guilty on three counts related to gun charges.
Meanwhile, michi, which clocked in gains of 18% on Monday after pop star Arianna Grande shared the meme on her Instagram account, has fallen by over 26% in the past 7 days.
Solana meme coin heavyweights Dogwifhat (WIF), BONK, and Book of Meme (BOME) are down 26%, 19%, and 18%, respectively, in the past 7 days.
Edited by Stacy Elliott.