Is 2024 a Good Start as Solana Meme Coins Plunged 80% in a Week?    

Solana operates as a host to many meme coins including DragonCoin, Aping, BONK, Kin, and KING. These meme coins, mainly BONK once rallied more than 1000% in three weeks and experienced a sharp decline of 80% from December peaks. The drop affected the entire Solana ecosystem.         

Why Bonk Decline?

The year 2024 doesn’t seem very good for the Solana ecosystem as BONK, the meme coin plunged 80% after the December peaks.

The decline in demand for the Solana network’s meme coins turned the game. BONK’s once raised more than 1000% in three months, showcased a drastic decline of 70%. Not gathering a meaningful community is emerging as one of the core reasons behind the decline. 

The meme coin currently securing the third-largest position by market cap, facing a lack of community backing and diminishing positiveness among analysts. 

In addition to this, BONK is not the only meme coin that faced the recent market downturn on Solana. Dogwifhat Coin, a meme coin with a picture of a dog wearing a hat, offered more than 10,000% returns to the holders on capitals. The coin witnessed a decline of 80%. 

Apart from this, a few of the less popular tokens including Popcat (POPCAT) and Chipi (CHIPI) underwent a 90% drop from their all-time high peaks. However, the communities are hoping for the best, wishing for a potential revival.      

Focusing on the prior performance, Solana blockchain’s speedy transactions, easy meme coin issuance, and cheap fees are a few factors that attracted investors towards SOL tokens. In addition, the Saga phone launch also flipped the token’s prices.        

BONK currently trades at $0.00001324 with a market capitalization of $838,903,651. Its total supply is 93,623,070,761,873 BONK and the circulating supply is 63,333,513,043,628 BONK.   

Solana’s Performance 

Bonk’s impressive run in December, upsurged the value of Solana in the crypto industry. Also, the listing of the meme coin on a few of the top crypto exchanges including Coinbase and Binance, offers individuals an easy way to buy and sell digital assets.  

These activities boomed the interest of individuals towards the Solana ecosystem and surged prices of SOL tokens from $38 in November to $120 in December. The current price of SOL is $100.87 and its market cap is $43,555,772,121.

The coin is emerging as a safe option in trader’s portfolios, beating Ethereum in terms of network fees and trading volume.   

Disclaimer 

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.

Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.