LIVE
As bullish market excitement fades, #Solana meme cryptocurrencies see a sharp correction.
Less long-term optimism among market players shouldn't necessarily impact on pricing, according to Santiment analysts.
Memento tokens backed by Solana Thursday is when Dogwifhat, Bonk, Slerf, and Ponke all see significant price drops.
Despite providing investors with enormous returns over the previous week, the surge in meme currencies based on Solana is gaining steam on Thursday. Meme coin values on the daily time frame have fallen because to the recent market-wide correction in cryptocurrencies, which saw Bitcoin fall below the $70,000 barrier.
The on-chain experts at Santiment think that the "bull market" excitement may have died down, but that traders' confidence will keep cryptocurrency prices high for the time being.
Sudden conclusion to Solana meme coin celebration
Near $66,000, the price of bitcoin fell on Thursday. The correction brought to a widespread decrease in the market, with speculative asset values, such as meme coins, taking the lead. Meme currencies built on Solana saw increases in the double digits throughout the last week.
The meme coin celebration may have come to a sudden stop, but the on-chain experts at crypto intelligence tracker Santiment are still predicting a bull run for the crypto market. Less long-term optimism is not usually a red flag for pricing, according to economists, but market participants' excitement has been dwindling since October.
From a high of 2,100 in February, the accompanying data from Santiment indicates that mentions of the "bull market" have dropped to 450. When gauging traders' optimism, this is one statistic that experts consider.
The recent price decline in Bitcoin and altcoins has likely dampened traders' enthusiasm, but historically, pessimism about the future has actually boosted the likelihood that cryptocurrency prices will continue to grow. In this market cycle, Santiment experts anticipate the same.
