AI tokens and meme coins offer “buy the dip” opportunities amidst market meltdown
- 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.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
