Solana meme coins have crashed amid rising concerns of rug pull scams in the ecosystem. According to CoinGecko, the total market cap of all coins in the Solana ecosystem has crashed from over $25 billion in January to $10 billion today. Let’s explore some of the top Solana meme coins to sell and go away.
Solana meme coins to sell
Solana has become the most active blockchain in the crypto industry, thanks to Pump.fun, which allows users to create tokens within minutes. While Pump has benefited Solana, which has become the second-biggest chain, it has cost investors billions of dollars. Some of the top SOL meme coins to sell are MELANIA, Pudgy Penguins (PENGU), and Peanut the Squirrel (PNUT).
Melania Meme (MELANIA)
Melania Meme is a cryptocurrency launched by Melania Trump ahead of her inauguration. After surging initially, the token has crashed, bringing the market cap from almost $2 billion to $184 million.
The token has two main issues that make it an unattractive investment. First, it is highly dilutive since it has a circulating supply of 150 million against a maximum supply of 1 billion. This means that more tokens will continue to be added during a period of weak demand.
Second, there are signs that all smart money and profit leaders have dumped the token, leaving many retail traders holding the bag. The chart below shows that the people who benefited from the initial MELANIA price surge have all dumped their tokens.
Peanut the Squirrel (PNUT)
Peanut the Squirrel is another top Solana meme coin to sell. PNUT was launched in October last year and then surged to a record high, attaining a market cap of almost $2 billion. It commemorates a gray squirrel that Mark Longo rescued in 2017.
PNUT’s market cap has crashed to $143 million, meaning that investors have lost over $1.9 billion. The challenge for PNUT, a Solana meme coin, is that the hype surrounding Peanut the Squirrel has ended. Also, like MELANIA, the smart money investors have all sold their tokens and exited, as shown below.
Pudgy Penguins (PENGU)
Pudgy Penguins is one of the top Solana meme coins to sell. It is the native crypto token for the Pudgy Penguins NFT collection. This makes it similar to ApeCoin, which was launched to be the native-token for the Bored Ape Yacht Club ecosystem. It has crashed by over 88% from its all-time high, signaling a warning to PENGU.
The key risk for the PENGU token is that Pudgy Penguins sales momentum has waned, a trend that may continue for a while. Data shows that sales rose by just 4% in the last 30 days. History shows that NFT sales tend to crash over time, leading to poor performance for associated tokens. Top Pudgy Penguins (PENGU) leaders have also dumped their tokens.
Other top Solana meme tokens to sell
Most Solana meme tokens are largely worthless, and many of them will likely never retest their all-time highs. Some of the other ones to consider selling are Fartcoin, Act I The AI Prophecy (ACT), Goatseus Maximus (GOAT), and Moo Deng (MOODENG).
