The impending decline of these three meme coins to sell is a multilevel problem that may be related not only to the internal issues of specific projects. Meme coins have come close to the edge of the abyss, as market forces have begun to act after a long time lag. These tokens are trying to compensate for the lack of internal value and support in the form of technology through viral marketing and social media activities. Such actions bring a temporary effect and require more and more hype to be fueled.

It’s hard to imagine that a major investor wants to sell an asset that has already returned 1,000%. However, by tracking multi-million transactions, we can already see numerous examples of meme coins to sell. The first three months of 2024 marked a period of massive purchases of meme coins, which put bullish pressure on the price. That kind of speculation often involves overbought and profit-taking stages. The price drop comes after the last one, and jokes on social media cannot stop it.

Bonk (BONK-USD)

Internet memes and satire have fueled Bonk (BONK-USD) since its inception on the Solana (SOL-USD) blockchain. When the market was going through the 2022 downturn, this token stirred up hope for a bull market with its appearance. Investors were hoping for a repeat of the rally, and Bonk took advantage of this sentiment to boost its popularity.

The peak of $0.000024 replaced a constant price corridor down to $0.000001 only in late 2023 when the general excitement shifted from more capitalized coins.

A long correction until the end of December 2023 kept BONK from exceeding ATH. The subsequent growth exceeded the previous result by 1.5 times, and investors believed that this trend would be cyclical and continuous. In reality, the market often behaves illogically, especially with digital assets with no solid foundation.

BonkSwap and BonkDex entered the project’s ecosystem, but that was not enough to get out of the category of a coin created for entertainment. The last few days have shown that Solana-based meme tokens are experiencing a drop, and Bonk itself has fallen by 3.5%. The price chart moved downward and ended up below its 100-day EMA, pushing the token into the list of meme coins to sell. Despite the efforts of the whales and boosters, investor interest is low for this coin.

Dogwifhat (WIF-USD)

The sharp changes in the market direction have caused turbulence in the wallets of both holders of highly capitalized digital assets and small meme coins. Over the past month, dogwifhat (WIF-USD) has also been under pressure from sellers, who have pushed its price to around $2. The situation was saved only by the project’s promotion on social media and activity from community members.

Last month’s U.S. inflation data forced cryptocurrencies lower, as the figure dropped by 0.4% month-on-month. Investor uncertainty affected coins with a technological foundation and a rich background. On the other hand, WIF practically did not follow the news, which may indicate the low professionalism of this token’s investors. When the trend reverses, they are unlikely to react quickly, resulting in a sharp drop rather than a mild decline.

The merits of dogwifhat cannot be ignored, because the digital asset managed to transform from an unknown token into a meme coin that ranks 35th in market capitalization. However, the return to the category of unwanted coins may take place this month, which is why WIF is in the top meme coins to sell. After a decline from $4.85 to $3.3, fans of quick profits bought the token. If their expectations of rapid token growth are not met, they will seek to get their money back. For WIF, that will mean a decrease in market cap and, as a result, a downward price trajectory.

Dogecoin (DOGE-USD)

Last week was a series of ups and downs for Dogecoin (DOGE-USD): from $0.16 to $0.2 and back to $0.17. Despite the recovery of the market as a whole, this cryptocurrency is not showing a steady upward trend. The recent bearish movement of Dogecoin has resulted in a decline in the OI-weighted funding rate. The coin is facing a drop in market activity and investor interest, which has become more cautious in its purchases. Whales increased the cause for panic, as bearish sentiment comes from liquidations involving them. The loss of confidence in the digital asset is also confirmed by the major movements of DOGE to exchanges. One of the last such transactions was 245 million tokens, which at the time amounted to almost $50 million.

Dogecoin is still among the 10 largest in terms of market capitalization, but its position has already been shaken. The pressure to sell led to a drop to the 8th position, and the lack of confidence among investors led the cryptocurrency to the list of meme coins to sell. Analysts have disputable opinions about the strength of the community’s influence on the stability of the token. In smaller projects with lower involvement of major investors, active community members can curb downturns. However, the highly volatile DOGE can return to values from 2023, when the daily trading volume was below $400 million without heating the hype. The peak of 2024 seems to be over, and the only question is how much the meme coin will disappoint investors.

On the date of publication, Julia Magas did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.