SOL

Solana Memecoin Frenzy Collapses: BONK, WIF, and More See Sharp Declines

by BSCN

January 8, 2024

chain

This development occurs simultaneously with Solana's native token, SOL, plummeting more than 13% in the last seven days.

The popularity for meme coins thriving on the Solana network has witnessed a notable decline over the past few weeks. 

Among the affected coins, BONK, once in the spotlight, has recently encountered a significant downturn. The token experienced a 65% decline over the past three weeks, with an additional 22% drop in the last week alone. 

BONK 7-Day Price Chart (Source: CoinMarketCap)

Another victim of the waning enthusiasm is Dogwifhat (WIF), which captured attention with its canine-themed aesthetic. Even though the token generated hype and provided early holders with a 10,000% return on capital, it is now down nearly 75% from all-time high (ATH). WIF lost more than 54% over the last deven days, and trading at 0.07693, as of writing. 

Even established meme coins like Samoyedcoin have not been immune to the downturn, witnessing a more than 60% fall in three weeks and currently trading at $0.01135 with a market cap of $40.8 million. 

CHIPI and POPCAT, both themed around cats, have seen over 90% declines since their lifetime peaks. The broader decline in the meme coin sector highlights a shift in sentiment even among long-standing tokens.

Solana's Rise and Fall

Solana's ecosystem saw a surge in December, with bonk tokens soaring over 1,000% over a period of weeks. This success led to listings on major exchanges such as Binance and Coinbase, amplifying Solana's prominence. However, recent market dynamics indicate a reversal, with memecoin values plummeting.

While meme coins took a hit, Solana emerged as the number one on-chain coin on a seven-day rolling basis, surpassing Ethereum in both trading volumes and network fees. 

Amid these developments, Solana's native token, SOL, faced a significant setback, experiencing a more than 13% decline in the last seven days, and more than 25% fall in three weeks.

SOL token price chart (Source: CoinMarketCap)

Disclaimer

Disclaimer: The views expressed in this article do not necessarily represent the views of BSCNews. The information provided in this article is for educational and informational purposes only and should not be construed as investment advice. BSCNews assumes no responsibility for any investment decisions made based on the information provided in this article

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