Degens Flock to Solana Meme Coins Amid Crypto Market Turmoil

Degens Are Flocking to These Solana Meme Coins Amid Crypto Market Turmoil

By Ryan S. Gladwin

Feb 3, 2025

3 min read

President Donald Trump’s Friday tariff has sent crypto markets into a tailspin, with most coins in the red. However, some meme coins are bucking the trend, thanks to degens who refuse to stop clicking “buy.”

Meme coins, as categorized by CoinGecko, are down 11.3% over the past 24 hours and 29% over the past week. Ethereum layer-2 base meme coins are down 7.3% this week, followed by Solana meme coins at 4.4%.

“Most people I know are getting slaughtered,” said pseudonymous trader 0xWinged, who also deployed Sharkcat. “A lot of group chats are dead right now. Sentiment is so trash.”

Despite the market downturn, Dune data shows that 53,248 tokens were created on popular launchpad Pump.fun on Saturday, a 9.7% decrease from the previous Saturday. Traders are finding ways to profit from the market’s fear.

“A lot of people have just resorted to trading low cap shitters, there are still $5 million market cap runners every day,” 0xWinged said. “Most of the coins that run are attached to negative emotions.”

Over the weekend, a token called Rope (ROPE), which refers to hanging oneself to die by suicide, ran to a $6 million market cap. According to DEX Screener, 15 traders profited more than $10,000 each on the coin. However, meme coins are highly volatile and create just as many losers, with 12 traders currently in the red for more than $10,000.

“It’s because everyone shares that negative, trash sentiment,” 0xWinged said. “People are suicidal in this market. Joke or not, the emotion is shared.”

McDonald’s McValue (MCVALUE) has recently shot up to an $824