Popular Solana meme coin Ponke ($PONKE) has crashed 17% in 24 hours, sparking fears of an imminent collapse.
Ponke also posted a 24-hour trading volume of $115 million. Considering this is a $233.6 million market cap coin, the figures reveal that nearly half of all Ponke tokens in circulation changed hands over the last 24 hours.
Ponke’s crash comes in spite of a flourishing meme coin sector.
Overnight, meme coins collectively added 6.6% to their combined market cap, which now stands at $63.6 billion.
Sector leader and original meme coin Dogecoin ($DOGE) surged 8% in 24 hours and now changes hands at $0.171.
The broader $2.39 trillion crypto market didn’t keep pace, though. It fell 1.7% overnight.
Original crypto Bitcoin ($BTC) was the most robust cryptocurrency among the thirty biggest, only falling a nominal 0.2% to trade at $68,715.
The coin underpinning Ponke’s home network, Solana ($SOL), fell 1.5% since yesterday and now trades at $162.07.
Ponke ($PONKE): Price and Performance.
In little under a year, Ponke joined the ranks of the ten biggest Solana meme coins by market capitalization.
The reasons for this largely stem from increased meme coin activity on Solana after the January launch of the network’s new meme coin launchpad, Pump.fun.
Still, Ponke’s crash comes at an odd time. Just yesterday, Binance announced it was listing Ponke perpetual futures contracts with up to 75% leverage.
Typically, Binance announcements are price drivers, but in this case, the opposite happened.
Given the all-time high trading volumes Ponke has posted in the last 24 hours, the coin clarly has a lot of attention right now.
However, rapidly falling prices imply that yesterday’s Binance announcement may have been a case of “buy the rumour, sell the news” for high-rolling investors.
Ponke’s price chart reflects that. Yesterday, the price briefly rose vertically up beyond $0.60 before correcting to its current level, indicating a possible whale purchase.
Ponke’s freefall is likely to fizzle out quickly, given the token’s relative strength index sits close to fifty.
Meme Coin Fans Exit Ponke For Crypto All-Stars $3 Million Presale
Ponke ($PONKE) is a meme coin that was built solely for entertainment purposes. Given its clear lack of fundamentals, investing in it is virtually tantamount to gambling.
However, over in the presale market, some meme coin launches are easily and quickly bagging 10x or even 100x profits for investors.
Even in the meme coin sector, builders are adding and optimizing their utility, value, and community-building incentives to create some unmissable presales.
One new protocol called Crypto All-Stars hopes to change the negative perceptions around meme coins by letting crypto fans put them to work.
Crypto All-Stars is a unified staking protocol that allows users to earn serious rewards by combining the world’s most celebrated meme coins.
Users can stake Pepe Coin, Dogecoin, Shiba Inu, Floki Inu, Based Brett, MogCoin, Milady, TurboToken, Toshi The Cat, Coq Inu, and BonkCoin in the MemeVault to earn passive income. Given its performance, Popcat ($POPCAT) is another potential candidate.
The current reward rate for staking these coins is an impressive 513% in the form of $STARS.
The project has gained so much popularity that its presale has already raised over $3 million, while Cardano’s $ADA failed to gain ground.
Following the purchase, investors can begin staking for rewards and claim the tokens once the presale ends.
Head to the website to buy $STARS with ETH, USDT, BNB, or even by card.
Follow Crypto All-Stars on social media – X (Twitter) | Telegram to stay up-to-date on all the developments.
Visit the Crypto All-Stars Presale Website Here
The post Ponke Drops as $100 Million Flows In – Investors Are Eyeing This Alternative Coin appeared first on Cryptonews.
