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Solana faces price pressure from lower memecoin volumes as new challengers like Angry Pepe Fork emerge against established players like DOGS.
Solana has been seeing increased pressure on its price, thanks to lower memecoin volumes. Amid this shifting memecoin landscape, new contenders are challenging more established players like DOGS.
Solana takes a beating amid memecoin pressure
Solana (SOL) faces continued downward pressure on its price due to slowing memecoin activity. Since March, Solana dominated memecoin trading, mostly thanks to Pump.fun. This memecoin launchpad made launching tokens easier than ever, leading to an explosion in activity.
Tokens like BONK and Pepe, based on Solana-blockchain, dominated trading activity, surging upwards of 10000% in months. Moreover, notable celebrities, including Caitlyn Jenner and Iggy Azalea launched their own memecoins on Solana. However, the party was soon to be over.
The dismal performance of Solana-based celebrity tokens, as well as hype cooling off, left traders holding the bag. This contributed to Solana’s monthly decline of 16.20%, putting the token at $128.72.
DOGS faces volatility amid memecoin decline
The general decline of the memecoin sector impacted most major tokens. This includes DOGS, a TON-based memecoin that was dominating the charts earlier this month.
Among the reasons for DOGS’s sudden rise was the arrest of the Telegram founder Pavel Durov. In solidarity with the founder, whose arrest many in the crypto space saw as unjust, crypto traders began posting about the DOGS token. They urged other traders to buy DOGS to show support for Durov.
Still, this excitement about DOGS didn’t last long. Over the last month, DOGS fell 34.16%, showing that it is not immune to broader market trends. For that reason, another token is waiting for its time to take its place.
Angry Pepe Fork eyes DOGS place in next cycle
Despite the overall crypto market downturn, one token is on the rise. Angry Pepe Fork is aggressively expanding during its presale, with a mission to change how memecoins work.
The token offers unique utility to its holders, especially those most active in the community. For one, holders can stake tokens immediately, and gain high APY yields even during the presale. The most active members will earn rewards through its “Conquer to Earn” model. This means that players can complete quests to earn additional yields, boosting their profits even further.
This community-driven project also has strong tokenomics. APORK has a fixed supply, meaning that it will not see inflation eating at holders’ profits. For that reason, traders are excited about Angry Pepe Fork, propelling it to the next stage of its presale.
So far, APORK increased 78% to $0.0025, reflecting strong interest investor interest. Thanks to its unique utility. Angry Pepe Fork has the potential to change how memecoins work, earning high yields to those that get in early.
For more information, visit the Angry Pepe Fork presale website or join the community on Telegram and X.
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This article first appeared at crypto.news
