Solana Meme Coins Plunge Over 70% After December Frenzy
• Solana meme coins have seen their hype fade off as reality checks stare investors in the face. • Solana’s influence that helped top meme coins like BONK gain fame is being watched.
The fervor surrounding meme coins on the Solana network appears to have settled with recent favorite Bonk (BONK) experiencing a steep decline of more than 70% from its December peaks. Analysts attribute this downturn to Solana’s broader price correction, leading to a loss of demand for SOL tokens and subsequent repercussions for tokens built on the Solana blockchain.
Bonk’s Decline and Investor Dilemma Bonk, currently the third-largest meme coin by market capitalization, is grappling with a lack of community support and diminishing optimism among analysts. The coin, which turned early investors into millionaires within a short timeframe, is now underperforming, leaving investors questioning their choices. This downturn is particularly disheartening for those who rode the wave of Bonk’s unprecedented success at its highest price point in the previous months.
As of the latest data, Bonk is trading at $0.00001066, down by 1.5% in the past 24 hours. Analysts express concerns that the coin might breach its current support level and potentially dip further.
However, there remains a glimmer of hope among some analysts who predict a potential resurgence, with 2024 projections suggesting a rise to as high as $0.00007524.
Notably, Bonk is not the sole victim of the recent market downturn on Solana. Dogwifhat, known for featuring a dog wearing a hat, has witnessed an 80% decline after initially generating significant hype by providing early holders with over a 10,000% return on their capital.
Additionally, lesser-known tokens like popcat (POPCAT) and chipi (CHIPI), both cat-themed, have experienced over 90% declines from their lifetime peaks. Despite the substantial losses, their communities are still holding out hope for a potential revival.