Solana Meme Coins Bonk and Billy Soar Amid Market Downturn

Significant moves have been made in the meme coin market, making BONK the biggest Solana meme and Gigachad the biggest weekly winner.

2 min read

Jul 9, 2024

Meme coins are soaring while Bitcoin takes a heavy hit amid selling pressure from the German government and Mt. Gox refunds.

Most significantly, BONK has jumped 12% over the past 24 hours. That’s seen BONK edge past Dogwifhat (WIF) as it fell 3%, making it the largest Solana meme coin by market capitalization.

Similarly, Base chain meme coin Brett (BRETT) leaped 8.6%, Ethereum-based Mog Coin (MOG) climbed 6%, and Apu Apustaja (APU) soared 15%. Despite this the tokens are still down over the week, along with the rest of their meme coin competitors.

In recent weeks, the German government started to offload over $3.5 billion worth of Bitcoin seized as the result of criminal cases. At the same time, defunct exchange Mt. Gox has been preparing to return billions worth of Bitcoin to its creditors. This significant selling pressure has dragged Bitcoin’s price down 8.2% compared to last week and the rest of the market has come with it.

And plenty of meme coins have fallen, too. Pump.fun-launched Solana coin Michi (MICHI) fell 52%, Ethereum’s Pepe (PEPE) is down 18.5%, and Popcat (POPCAT) has slipped 16%. PEPE has bounced back today climbing 2% and so has POPCAT jumping 5%.

One token that has defied the odds, however, is Gigachad (GIGA) which has skyrocketed 108% over the week, up 7.5% on the day. This comes after American bodybuilder Mike ‘Titan’ O’Hearn joined the community and started posting about it on social media.

The collaboration made GIGA one of the few meme coins to be in the green over the week. Billy (BILLY) is one of the only other significant tokens that has climbed this week. The token is up 70% this week and 10% on the day.

Billy is currently the largest Pump.fun created token by some distance at a market cap of $166 million, while Andrew Tate’s DADDY token lags behind in second place with a market cap of $95 million.

Edited by Stacy Elliott.

Get crypto news straight to your inbox--

sign up for the Decrypt Daily below. (It’s free).

Get Email!

Scammer Tried to Hijack Kraken Crypto Account Wearing Rubber Mask of Victim

When trying to regain access to your Kraken account, you may be asked to jump on a video call with a support agent to prove you are actually who you say you are. Last month, the centralized exchange said it caught someone wearing a Halloween-style rubber mask attempting to fool the worker on the other side of the call—but it didn’t work. The attacker had raised a number of red flags during the first round of checks, such as failing to name the assets that the account held. These flags caused the...

AI Robot Artist’s Turing Portrait Fetches $1.1 Million at Sotheby’s

A portrait of computer science pioneer Alan Turing by humanoid robot artist Ai-Da sold for $1.08 million at Sotheby's, marking another milestone in AI art's rapid market ascent. The sale price exceeded pre-auction estimates building on momentum from previous AI art breakthroughs. The price nearly 10-X’d earlier predictions, which assumed that the piece wouldn’t top $180,000 at auction. Michael Bouhanna, Sotheby's head of digital art, told Decrypt the timing reflected an emerging trend especially...

Ethereum Reclaims $3,000 With 'Surprising Upturn in Bullish Sentiment' Amid Bitcoin's Record Highs

Ethereum has struggled to gain much momentum in recent months while Bitcoin has soared, breaking its all-time price record multiple times in early November—including once late last week. However, the second-largest crypto by market cap finally managed to breach the $3,000 threshold early Saturday for the first time since August 2, peaking out at $3,056. Breaking that mark for only the second time this year, Ethereum had fallen to as low as $2,375 on the eve of Election Day. Yet, with President-e...