- Meme coins based on Solana and cryptocurrencies in the Artificial Intelligence category note declines in their prices.
- Marketwide correction has shaved off 6% of AI market cap and 3% of Solana-based meme tokens’ market cap respectively.
- FET, AGIX, OCEAN, TRAC, BEER, SLERF, PENG noted double-digit declines in the past 24 hours.
Artificial Intelligence (AI) tokens and meme coins have observed sharp declines in prices, with several assets experiencing double-digit drops.
Amidst the market wide correction in crypto, tokens like Fetch.ai (FET), SingularityNET (AGIX), Ocean Protocol (OCEAN), Origin Trail (TRAC), Beercoin (BEER), Slerf (SLERF), Peng (PENG) have witnessed double-digit declines in the past 24 hours.
AI and meme coin traders could “buy the dip”
Seven tokens from the AI and meme coin categories have noted double-digit declines in their prices in the past 24 hours per CoinGecko data. While AI tokens and Solana-based meme coins consistently rallied for the past several weeks, tokens in these two categories extended their losses this week.
FET, AGIX, OCEAN, TRAC, BEER, SLERF and PENG prices declined 12%, 13%, 13%, 10%, 31%, 13% and 9%, in the last 24 hours, as seen on CoinGecko. The ongoing crypto cycle has seen AI and Solana-based meme coins emerge as key narratives, yielding gains for holders.
The steep correction, therefore, offers a “buy the dip” opportunity to traders looking to open a trade in these assets.
FET, AGIX and OCEAN will merge into the ASI token on July 15. Until then, the three AI tokens continue to trade separately across exchange platforms. Solana-based meme coins have extended their losses after weeks of profit-taking by holders.
Base-based meme coins and celebrity coins have taken over the narrative and have gained relevance among market participants in the past week. Daddy Tate (DADDY) is one such token, trading at $0.2008 at the time of writing.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Crypto Today: Bitcoin is less than 10% away from all-time high as Ethereum ETF approval anticipation brews
Bitcoin trades around $68,000 early on Monday, less than 10% away from its all-time high of $73,777 on Binance. Ethereum ETF anticipation brews among traders and Ether investment products see inflow of over $45 million in the past week.
Ripple lawsuit settlement likely soon, says Brad Garlinghouse, XRP hovers around $0.60
Ripple (XRP) trades around a key psychological level of $0.60, early on Monday. The altcoin recently made headlines for its highest weekly gain of 2024, over 40%. XRP sustained nearly 21% of the gains from the last seven days.
Solana could cross $200 if these three conditions are met
Solana’s total value locked climbs 18% in July to $5.38 billion, as seen on DeFiLlama. Solana sustains over 20% gains in the past seven days, corrects nearly 3% on Monday. Active addresses and new address count in the Solana network have increased throughout July.
ALT, WLD, ENA, ID set for $200 million token unlocks next week
The crypto market is set to experience another wave of token unlocks next week, with Altlayer (ALT), Worldcoin (WLD), Ethena (ENA), and Space ID (ID) set for a combined token unlock worth about $200 million.
Bitcoin: Will BTC continue its bullish momentum?
Bitcoin (BTC) price increased by 5.5% this week until Friday after breaking above a descending trendline. Currently, it is trading slightly higher by 0.23% at $64,166.