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

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. 

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.

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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.